LPL Financial announced Thursday it launched a fee-based variable annuity platform.

Through the platform, LPL’s advisors will be able to manage variable annuity assets within a fee-based relationship and on a discretionary basis. This will enable advisors to offer active portfolio management with the protection of an annuity.

The open architecture platform offers variable annuity products from Allianz Life Insurance Co. of North America and Allianz Life Insurance Co. of New York, Axa Equitable, Lincolan National, Prudential Annuities and Sun Life Financial.

LPL said investors will also benefit from a more streamlined pricing structure.

Through this platform, purchases of fee-based variable annuities will be integrated in the existing LPL process for opening accounts for investors, and holdings will be viewable through all advisor-facing technologies.

John Moninger, the executive vice president of advisory and brokerage solutions at LPL, said the company introduced the platform because of an increased demand from advisors, “for more protected sources of retirement income delivered with greater choices and flexibility with respect to pricing structures. “

“We believe this new platform will change the shape of the annuity landscape, as it appeals to a growing population of advisors and clients who value the protection and lifetime income features but are also looking to actively manage these products from an investment standpoint,” he said.