PHOENIX, April 1, 2011 /PRNewswire/ -- Reflecting its commitment to provide comprehensive custody services for the clients of independent financial advisors, Genworth Financial Trust Company(GFTC),a subsidiary of Genworth Financial, Inc. (NYSE: GNW) announced today the launch of its Cash Advantage service. Cash Advantage – Checking enables clients to have the option to link an investment account to a checking account offered through The Bancorp Bank, an FDIC-insured on-line commercial bank and wholly owned subsidiary of The Bancorp, Inc., (NASDAQ: TBBK).
With this innovative new option, investors will have an interest-bearing cash management solution with all the features of a checking account to meet their everyday banking needs while keeping assets working toward long-term investment goals. The Cash Advantage – Checking Account includes overdraft protection through a linked GFTC custodial account, an option to make automatic monthly transfers, online account access, free checks and debit card, as well as a host of other features.
"We work closely with independent financial advisors and try to give them the best tools in the industry to serve their clients. Based upon advisor feedback, providing access to banking services linked to investment accounts custodied here was one of the best ways we could help them offer a more complete solution," said Brad Wheeler, president of GFTC. "Bancorp's technology and its willingness to build a cutting-edge as well as reliable program made them the clear choice. They understand our business and what it takes to serve this market well."
"We share a commitment to serving financial advisors and their clients with top-ranked products and services. We are also pleased to work with a company that has grown and prospered through challenging market cycles," said Frank Mastrangelo, president of The Bancorp Bank. "We expect this relationship to grow and we look forward to working together to create innovative solutions in the wealth management space."
About Genworth Financial Trust Company
Genworth Financial Trust Company (GFTC) is a wholly owned subsidiary of Genworth Financial, Inc. GFTC has more than fifteen years' experience serving a growing base of financial advisors and now serves over 60,000 investors and has more than $13 billion in assets in custody. GFTC delivers custodial and administrative services specializing in meeting the needs of independent financial advisors and their clients. GFTC is located in Phoenix, Arizona and serves clients across the United States.
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 6,500 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 and Protection, International and U.S. Mortgage Insurance. 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.
About The Bancorp, Inc.
The Bancorp, Inc. (NASDAQ NM: TBBK) is a financial holding company that operates The Bancorp Bank, an FDIC-insured online commercial bank that delivers a wide range of financial services and products through a network of private-label, affinity partnerships nationwide. These "branchless banking" programs enable members, employees and customers of affinity partners to access online banking services, customized for them, under the affinity partner's brand. The Bancorp Bank is headquartered in Wilmington, Delaware, with offices in Philadelphia, Exton and Warminster, Pa.; Chicago, Ill.; Crofton, Md.; Orlando, Fla.; and Sioux Falls, S.D. Total assets of The Bancorp Bank, as of December 31, 2010, are $2.4 billion.
SOURCE Genworth Financial Wealth Management