Genworth Financial Trust Company, a subsidiary of Genworth Financial, has launched a “Trust Connections” program to help advisors grow their businesses through trust assets.
The program gives advisors access to trust companies that specialize in dealing with clients of independent advisors, which provide trust administration and can act as a corporate trustee. For this service Genworth is working with Advisory Trust Company of Delaware, Reliance Trust Company of Delaware and Wealth Advisory Trust Company of South Dakota.
“We found that independent advisors were often passing up trust opportunities,” said Brad Wheeler, president of Genworth Financial Trust Company.
“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,” he added.
Genworth Financial Trust is the custodian serving the independent advisors on the Genworth Financial Wealth Management platform.
Earlier this year, Genworth Financial Wealth launched a "business transition services" program to provide lending services for advisors seeking to expand their practices. The lending is for advisors considering a transition in their business, including growth via acquisition, eventual transition or retirement, the firm said.
For that program the firm is collaborating with The Bancorp Bank - a wholly-owned subsidiary of The Bancorp - to offer financing access to advisors who want to use the Genworth platform to acquire another advisory business.
Genworth Financial Wealth has around $20 billion assets on its platform; Genworth Financial Trust has around $13 billion on its platform.