What DPL Financial Partners does

DPL Financial Partners is a privately held insurtech firm founded in 2014 and headquartered in Louisville, Kentucky, that operates an RIA insurance network built around its proprietary Avenew technology platform. The company pioneered the commission-free annuity category, working directly with 20+ insurance carriers to reprice fixed, variable, RILA, and fixed-indexed annuities, as well as life, disability, and long-term care products, without embedded sales commissions. Its platform offers a rules-based comparison engine indexing over 27,500 contracts and 10,800+ riders, tools including the Annuity Comparison Calculator, Guaranteed Income Analysis, and MYGA Marketplace, and an Annuity Review module for analyzing legacy annuity books. The platform is embedded in leading wealthtech ecosystems including Orion Connect, Black Diamond, and Envestnet.

DPL serves RIAs, enterprise RIA firms, breakaway advisors transitioning from broker-dealers, hybrid and fee-only advisors, and (via the consumer-facing Avenew) individual investors. The company enables advisory fee billing on annuity assets through its wholly-owned FINRA/SIPC broker-dealer, Johnstone Brokerage Services, removing individual licensing requirements. By mid-2026 the platform supported approximately $6.3 billion in assets under administration across 8,500+ RIA firms and 10,000+ advisors within member firms holding a combined $3 trillion in AUM. DPL has reportedly saved consumers over $62 million in fees since 2018 and claims an average $330K lifetime income improvement for 65-year-old clients using its solutions.

The business operates on a recurring revenue model combining RIA firm membership fees with ongoing advisory fee billing on commission-free annuity and insurance products placed through the platform. GTM combines enterprise field sales, inside sales of advisor-facing insurance consultants, and embedded channel partnerships through major wealth management platforms. DPL has raised approximately $84 million across multiple funding rounds, most recently a $23 million Series C in December 2024 led by Eos Ventures with TIAA Ventures participation.

Name

DPL Financial Partners

Legal name

DPL Financial Partners, LLC

Website

https://dplfp.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

51–100 employees

Short description

DPL Financial Partners operates a commission-free annuity and insurance marketplace for RIAs and individual investors via its Avenew platform, embedded in wealthtech ecosystems and supporting $6.3B in AUA across 8,500+ RIA firms.

Ownership category

akta.pro rank

Product category

Insurance Technology / Annuity Platform

NAICS

Portfolio Management and Investment Advice (523940), Insurance Agencies and Brokerages (52421), Investment Banking and Securities Intermediation (523150)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Insurance-Integrated Wealth Managers (RIA + Insurance Solutions) (FSAAACAI)

akta.pro secondary industries

Customer Engagement, CRM & Agent/Broker Enablement Platforms (FSAGAGAD), Digital Wealth Platforms for Advisors (TAMP/Advisor Tech) (FSAGAEAH)

Keywords

• Commission-free annuities
• RIA insurance platform
• Annuity marketplace
• Insurance technology
• Retirement income solutions

Headquarters

HQ city

Louisville

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Membership Fees: DPL operates on a membership model where RIA firms pay to join and gain full access to the Avenew platform, including proprietary product discovery tools, marketplace of commission-free products, annuity transition services, and on-demand education. The membership fee covers technology access, product solutions, client materials, and support services.
2. Advisory Fee Billing on Annuities: Advisors using DPL's commission-free annuity solutions earn compensation exclusively through client-agreed advisory fees calculated based on contract value. Fees are billed just like other managed assets and generate recurring revenue through existing platform or custodial processes. This creates a sustainable recurring revenue stream for advisors while keeping client interests aligned.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

DPL Financial Partners operates the Avenew technology platform, which provides a marketplace of low-cost, commission-free annuity and insurance products from more than 20 leading carriers to Registered Investment Advisors (RIAs) and individual investors. The platform includes proprietary discovery, comparison, fulfillment, and contract management tools, supported by DPL's wholly-owned broker-dealer (Johnstone Brokerage Services) that provides licensing and regulatory infrastructure for advisors.

Product overview

DPL Financial Partners operates as a comprehensive commission-free annuity and insurance platform built on its Avenew technology platform. The company offers a marketplace of low-cost, fiduciary-friendly annuities and insurance products from 20+ leading carriers, complemented by proprietary technology tools including the Annuity Comparison Calculator, Guaranteed Income Analysis tool, and MYGA Marketplace. The platform enables RIAs to discover, fulfill, manage, and bill on annuity and insurance products through integrated workflows, with additional support through the Breakaway Accelerator Program for advisors transitioning to independence. DPL's wholly-owned broker-dealer, Johnstone Brokerage Services, provides the regulatory infrastructure allowing advisors to offer these products without individual licenses.

Differentiator

Problem solved

Functional benefit

Brands

• Avenew: DPL's consumer-facing platform that enables individual investors to discover and compare commission-free annuities, find guaranteed income solutions, and shop MYGAs.
• Johnstone Brokerage Services

Products and services

• Avenew Consumer Platform Consumer-facing platform that enables individual investors to discover and compare commission-free annuities, find guaranteed income solutions, and shop MYGAs. Users can upload statements and receive personalized recommendations for low-cost alternatives.
• Avenew Advisor Platform Advisor-facing platform built for and with RIAs, featuring Product Discovery Tools, a marketplace of commission-free annuity and best-in-class insurance solutions, annuity transition services, and on-demand education. Enables advisors to discover, fulfill, manage, and bill on annuities directly from the Advisor Dashboard.
• Annuity Review Interactive technology platform for RIA firms to evaluate and optimize legacy annuity portfolios as they transition to fee-based advice models. Enables firms to analyze entire annuity books, identify contracts suitable for exchange into lower-cost, commission-free alternatives.
• Commission-Free Annuities Low-cost, fiduciary-friendly annuities without embedded sales commissions, offered across multiple product types including fixed (MYGAs), variable (VA), registered index-linked (RILA), and fixed indexed annuities (FIA) from more than 20 leading insurance carriers.
• Insurance Products (Life, LTC, Disability) Best-in-class life, long-term care, and disability insurance solutions offered through DPL Term Insurance Solutions, enabling RIAs to provide holistic financial planning services including protection products alongside retirement income solutions.
• MYGA Marketplace Industry's first commission-free Multi-Year Guaranteed Annuity (MYGA) marketplace enabling consumers and advisors to shop fixed annuities from multiple carriers with complete principal protection.
• Breakaway Accelerator Program Program designed to help advisors transition annuity books from broker-dealers to a fee-based advisory model, supporting independent advisors in managing annuity assets efficiently with compliance and licensing support through Johnstone Brokerage Services.

Quantifiable outcome

• $62 million in fees saved for investors since 2018
• +4 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature6 records

Partnerships

Six partnerships are on record, tiered core.

• Johnstone Brokerage ServicescoreTechnology or Integration · 12 November 2024Wholly owned broker-dealer (member FINRA/SIPC) providing securities and insurance licensing infrastructure for DPL's platform. Located at 117 San Augustine Street, Center TX 75935. Enables DPL to offer advisors access to commission-free annuities without requiring individual licensing.
• OrioncoreTechnology or Integration · 27 February 2024Expanded integration embeds DPL's annuity comparison and analysis tools directly into Orion Connect platform. Three tools included: Annuity Comparison Calculator, Guaranteed Income Analysis, and MYGA Marketplace. Orion services $5.8 trillion in assets under administration and $133 billion in wealth management platform assets. DPL provides Orion advisors seamless in-platform access to commission-free annuities and insurance solutions without leaving their core workflow.
• AnnuityFixcoreStrategic or Co-development Partner · 20 September 2023Acquired to enhance breakaway advisor program. AnnuityFix provides advanced transfer technology and broker-dealer capabilities (Johnstone Brokerage Services) supporting advisors transitioning to fee-only models with improved technology and commission-free product offerings.
• EnvestnetcoreTechnology or IntegrationData integration partnership enabling seamless workflow and consolidated reporting for DPL and Envestnet users. Supports RIA firms in managing annuity and insurance assets within their existing technology stack.
• 20+ Insurance CarrierscoreStrategic or Co-development PartnerPartnership with over 20 of the nation's top-rated insurance companies providing commission-free annuity and insurance products through DPL's platform. Carriers work with DPL to bring low-cost, commission-free products to market.
• Black DiamondcoreTechnology or IntegrationAdvent Insurance Marketplace powered by DPL integrates into Black Diamond portfolio management platform, enabling advisors to access commission-free annuities within their existing workflow and reporting.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Brighthouse Financial: Brighthouse is one of the largest U.S. annuity carriers and has built fee-based/annuity products for RIA distribution. It is comparable as a broad incumbent that competes with DPL's carrier partners and offers competing RIA-channel annuity solutions.
• Prudential Financial: Prudential is a top-tier U.S. life insurer and annuity provider with a large RIA and individual annuity distribution footprint. It is comparable as a broad incumbent whose product breadth and brand compete with DPL's curated carrier marketplace.
• AssetMark: AssetMark is a leading TAMP and wealth management platform serving thousands of RIAs. It is comparable as a broad incumbent wealthtech platform that competes and partners in RIA-focused annuity and insurance distribution.
• Corebridge Financial: Corebridge (formerly AIG Life & Retirement) is one of the largest U.S. retirement and annuity providers, with significant RIA-channel activity. It is comparable as a broad incumbent and a key partner/competitor for commission-free annuity product supply.
• Jackson National Life Distributors: Jackson National is a major U.S. variable and fixed annuity carrier with established RIA distribution relationships. It is comparable as a broad incumbent whose products compete head-to-head with the commission-free annuities on DPL's platform.

Direct peers

• IncomeLab: IncomeLab provides retirement income planning software used by financial advisors to model Social Security, annuities, and withdrawal strategies. It is comparable as a planning-and-discovery tool used in RIA retirement income workflows, overlapping with DPL's guaranteed income analysis capabilities.
• Annexus Wealth Strategies: Annexus (formerly Annexus Financial Design) develops fee-based annuity and insurance solutions for RIAs. It is the closest direct competitor to DPL, targeting the same commission-free annuity niche for fiduciary advisors.

Others

• Envestnet: Envestnet is a large-scale RIA platform providing portfolio management, reporting, and data infrastructure. It is comparable as an embedded distribution and integration partner where DPL's annuity tools are surfaced to thousands of advisor firms.
• Orion Advisor Solutions: Orion is a leading wealthtech platform and a core DPL distribution partner. It is comparable as an enabler/partner that controls key distribution channels DPL depends on, with overlapping RIA workflows in portfolio and insurance data integration.

Emerging players

• Holistiplan: Holistiplan provides tax and retirement planning software widely used by RIAs. It is comparable as an emerging player in advisor-focused planning tooling with overlapping use cases around retirement income and holistic financial planning adjacent to DPL's tools.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/playlist?list=PLZlnUafpKlLtZYTOCD-t-WhToSCoGmH2C
• Xx.com/dpl_fp

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DPL Financial Partners