Is there a way to convert from Illustrator to Photoshop and maintain things like text, lines, arrows as editable?

I am working with someone who likes to use Photoshop for their scientific figure layouts, but I prefer Illustrator. When I finish with editing in Illustrator I want to give it to them such that it is ready to go for editing in Photoshop and will not cause them problems or confusion. Can I convert my Illustrator file into a Photoshop document such that things like text, arrows, lines remain editable? I do not want them converted into some abstract "shape" when imported/converted into Photoshop.

I understand that Illustrator and Photoshop are fundamentally different in that Illustrator is mostly vector based whereas Photoshop is mostly pixel based. On the other hand, both programs share things such as scalable text (and I think the same goes for scalable arrows/lines as well)