- Innovative New Product Reduces Market Risks To Retirement Income -
RICHMOND, Va., May 15 /PRNewswire-FirstCall/ -- AssetMark Investment
Services, Inc. and Genworth Life and Annuity Insurance Company today announced
the introduction of LifeHarbor(SM), a group guaranteed income annuity product.
LifeHarbor helps protect an investor's retirement plan by providing an income
guarantee while allowing investors to remain invested in a Mutual Fund or
Exchange Traded Fund portfolio on AssetMark's managed account platform. The
product is designed to meet the needs of consumers who have planned well for
retirement, but remain at risk of outliving their retirement savings due to
market fluctuations, longevity, inflation and other unforeseen events.
LifeHarbor certificates are registered securities. AssetMark Investment
Services, Inc. and Genworth Life and Annuity Insurance Company are
subsidiaries of Genworth Financial, Inc. (NYSE: GNW).
LifeHarbor enables investors who have a disciplined investment strategy to
add an annuity, which provides an income guarantee. With LifeHarbor, investors
will receive income for life, even if the markets have depleted their
portfolio below the specified account minimum by participating in a group
annuity that will guarantee income for life beginning at age 65. Purchasing
LifeHarbor today, a 65-year-old investor may withdraw up to 5% of their
account value annually. In addition, the income guarantee may increase,
subject to certain conditions.
"The concept of taking an insurance guarantee and adding it to a managed
account product is at the forefront of our industry. Investors get the best of
both worlds - the income stream from the insurance guarantee and the
disciplined investment approach with our managed account product," stated
Ronald Cordes, Chairman of AssetMark Investment Services. "LifeHarbor is a
great by-product of bringing together two pioneering organizations like we
have done with AssetMark and Genworth."
AssetMark has partnered with independent broker/dealers to sell this new
product through their advisors. "We think this is a revolutionary new
investment product that is clearly the next step in the evolution of managed
account solutions," stated James Poer, Senior Vice President of National
Financial Partners, a leading independent distributor of financial services
The minimum investment for an AssetMark account with LifeHarbor is $50,000
for a Mutual Fund investment model and $100,000 for an Exchange Traded Fund
investment model. All guarantees paid under LifeHarbor are based on the claims
paying ability of Genworth Life and Annuity Insurance Company provided all
terms of the certificate are met.
The prospectus for the LifeHarbor guaranteed income annuity contains
information regarding the risk factors, fees and charges, as well as other
important information about the product that should be considered prior to
investing. A prospectus may be obtained at no charge by calling 1.866.447.2530
or going to www.genworth.com/LifeHarbor.
About Genworth Life and Annuity Insurance Company
Genworth Life and Annuity Insurance Company is a stock life insurance
company domiciled in the Commonwealth of Virginia and is an indirect,
wholly-owned subsidiary of Genworth Financial, Inc. (NYSE: GNW). All
guarantees made pursuant to the LifeHarbor guaranteed income annuity product
are based on the claims paying ability of Genworth Life & Annuity.
About AssetMark Investment Services
AssetMark Investment Services Inc. is an investment management and
consulting firm dedicated to helping advisors build great businesses.
AssetMark provides one of the most comprehensive fee-based investment
management platforms in the industry, in addition to client relationship
management tools and practice management programs. AssetMark is a wholly-owned
subsidiary of Genworth Financial.
SOURCE Genworth Financial, Inc.
CONTACT: Media, Kirby Kriz, +1-804-662-2536, Kirby.email@example.com,
Investors, Alicia Charity, +1-804-662-2248, Alicia.firstname.lastname@example.org
Web site: http://www.genworth.com