Genworth Financial Trust Company Offers Advisors New Program to Capture Trust Assets Offering Responds to Growing Need as Baby Boomers Experience Wealth Transfer
PLEASANT HILL, Calif., Aug. 7, 2012 /PRNewswire/ -- Genworth Financial Trust Company, a subsidiary of Genworth Financial, Inc. (NYSE: GNW) and an affiliate of Genworth Financial Wealth Management, Inc., today announced the launch of Trust Connections, a new program designed to help independent financial advisors grow their businesses by capturing trust assets when a corporate trustee is required.
Trust Connections helps independent advisors with the opportunity to capture trust assets by giving them access to trust companies that specialize in serving clients of independent advisors. These companies provide trust administration and can serve as a corporate trustee while enabling the advisor to manage the investments. The trust services providers available through Genworth Financial Trust Company include Advisory Trust Company of Delaware, Reliance Trust Company of Delaware and Wealth Advisory Trust Company of South Dakota.
"Trust Connections meets the needs of high net worth clients who continue to move toward independent financial advisor solutions and away from bank trust departments for trust accounts," said Brad Wheeler, president of Genworth Financial Trust Company. "We found that independent advisors were often passing up trust opportunities even when clients expressed their dissatisfaction with the fees, service or investment performance they were getting through their bank. We spent months interviewing and evaluating corporate trustees to find options for our independent advisor clients. Most advisors are not trust experts, so we looked for companies that provide technical expertise while honoring the advisor as a primary relationship contact with the client."
Trends in household wealth show that trusts, which often exceed $1 million in assets, are an attractive source of growth for financial advisors.
The Trust Connections program also made sense for independent trust companies in search of greater distribution and exposure to affluent clients as well. "Advisors working with Genworth are a great fit with our approach," said Michael Roberts, J.D., LL.M., CFP®, president, Reliance Trust Company of Delaware. "Our business is built on serving the clients of independent advisors with corporate trustee services and trust administration all delivered in a way that enables the financial advisor to focus on the relationship and on investment management."
About Genworth Financial Trust Company
Genworth Financial Trust Company, an affiliate of Genworth Financial Wealth Management, Inc., is a custodian with over $13 billion in assets, serving independent advisors using the Genworth Financial Wealth Management platform.
About Genworth Financial Wealth Management, Inc.
Genworth Financial Wealth Management, Inc. ("GFWM") helps independent financial advisors build great businesses by providing comprehensive support across every phase of their operation. GFWM offers a sophisticated investment management platform, robust client relationship tools and support, and innovative practice management programs that combine leading-edge industry research with real-world expertise and experience. A wholly owned subsidiary of Genworth Financial, Inc. (NYSE: GNW), GFWM has over $20 billion in assets on its platform and helps more than 6,000 advisors meet their clients' wealth management and investment needs. For more information, visit www.genworthwealth.com.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.
Genworth has approximately 6,500 employees and operates through three divisions: Insurance and Wealth Management, which includes U.S. Life Insurance, Wealth Management and International Protection segments; Global Mortgage Insurance, which includes U.S. and International Mortgage Insurance segments; and the Corporate and Runoff division. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, Inc., 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 Financial, Inc. 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.