Deal Signifies Expanded Custody Options for Financial Advisors
PLEASANT HILL, Calif., May 17, 2010 /PRNewswire via COMTEX/ --Reflecting its commitment to providing neutrality and choice across its open-architecture investment platform, Genworth Financial Wealth Management (GFWM), a division of Genworth Financial, Inc. (NYSE: GNW), announces it has reached an agreement with Pershing Advisor Solutions to provide financial advisors enrolled on its platform additional custody options for client accounts.
GFWM provides an "open-architecture" investment platform, as well as Practice Management and Client Relationship Management resources, to more than 6,000 financial advisors.
"We are very pleased to make these additional custody options available to financial advisors on our platform," said Gurinder Ahluwalia, president of GFWM. "Pershing Advisor Solutions is an industry leader in providing custody services to advisory firms." Ahluwalia adds, "This relationship reflects our commitment to a true 'open-architecture' platform and to providing financial advisors greater flexibility and choice."
"Genworth has a strong track record for providing advisors with innovative solutions to help them grow their businesses," said Mark Tibergien, CEO of Pershing Advisor Solutions. "The addition of these Genworth programs to Pershing Advisor Solutions' comprehensive, integrated custodial offering, helps us provide greater choice to advisors seeking to build highly profitable practices."
Under this new agreement, financial advisors on GFWM's investment platform will have the option to custody Genworth Financial Asset Management (GFAM) Active Return Opportunities and Preservation Strategy investment solutions with Pershing Advisor Solutions. GFAM Active Return Opportunities is a Unified Management Account that tailors investment portfolios from up to 49 available asset classes and offers opportunistic investment management. GFAM Preservation Strategy is a broadly diversified investment strategy that pursues its objectives by utilizing dozens of global asset classes, no-load mutual funds, ETFs, as well as a wide range of risk management solutions.
As an additional part of this agreement, financial advisors enrolled on the GFWM platform under the Referral selling model, who previously had Genworth Financial Trust Company as a single custodian option, will now have Pershing Advisor Solutions as an additional custodian option. (Referral model refers to the type of agreement model under which client assets are managed on the GFWM platform. Under the Referral model, advisors refer business to GFWM for ongoing management of client accounts.) Additionally, this new agreement will provide advisors enrolled on the GFWM platform under the Referral model the option to custody Mutual Funds, ETFs, Consolidated Managed Accounts and Individually Managed Accounts at Pershing Advisor Solutions.
About Genworth Financial Wealth Management, Inc.
Genworth Financial Wealth Management, Inc., helps independent Financial Advisors build great businesses by providing comprehensive support across every phase of their operation. We offer a sophisticated wealth management platform that enables advisors to craft customized solutions to meet a wide range of client needs; robust client relationship support and back office administration that reduces operational complexity; and pioneering practice management combining leading-edge industry research with real-world expertise and experience. Genworth Financial Wealth Management has helped over 4500 advisors raise over $18 billion in assets. For more information, visit http://www.genworthwealth.com/.
About Pershing Advisor Solutions
Pershing Advisor Solutions LLC (member FINRA/SIPC) is an affiliate of Pershing LLC and a leading custodian to independent registered investment advisors and dually registered advisors working in conjunction with many of Pershing LLC's introducing broker-dealer customers. Pershing LLC (member FINRA/NYSE/SIPC), a BNY Mellon company, is committed to delivering dependable operational support, robust trading services, flexible technology, an expansive array of investment solutions, practice management support and service excellence. Through an innovative custody platform, Pershing Advisor Solutions delivers superior expertise and scalable and customizable solutions to help independent registered investment advisors manage and grow their businesses. Additional information is available at http://www.pershingadvisorsolutions.com/.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 global financial security company. Genworth has more than $100 billion in assets and employs approximately 6,000 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. Genworth operates through three segments: Retirement & Protection, US Mortgage Insurance and International. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit Genworth.com. From time to time Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of Genworth.com.
SOURCE: Genworth Financial, Inc.