Genworth Launches Lending Program for Advisors
April 17, 2012 by Ann Marsh
Ann Marsh |
Like their clients, financial advisors sometimes need access to capital to expand their businesses, acquire other companies and retire. To address this need, Genworth Financial Wealth Management of Pleasant Hill, Calif., launched a lending service to give its advisors access to cash when they need it through its new Business Transition Services Program.
“An important part of this program is the availability of lending for qualified advisors. said Matt Matrisian, senior vice president and director of practice management for Genworth Financial Wealth Managemen, a unit of Richmond, Va., based insurance holding company, Genworth Financial. “Given the financing environment, we felt it meaningful to combine a lending offer with services and tools around transitions.”
Genworth is working with The Bancorp Bank, a wholly-owned subsidiary of The Bancorp, to provide access to financing for advisors who are committed to working with the Genworth platform and looking for assistance to acquire another advisory business. To be eligible for the lending program, advisors must meet certain qualifications from both Genworth Financial Wealth Management and The Bancorp Bank.
Advisors with an established Genworth relationship also have access to the program’s educational materials and services. In-depth manuals, sample forms and agreements are available to assist with succession and transition planning. This provides advisors with an array of tools and services to build a customized plan. Consultants are available to help advisors build and evaluate practice value and develop strategies.
Genworth Financial Wealth Management, which has more than $20 billion in assets on its platform, work with more than 6,000 advisors.
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(c) 2012 Financial Planning. All rights Reserved. |
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Source Media, Inc. |
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