AssetMark Trust Company, an affiliate of AssetMark, has added The Bancorp’s CashAdvantage Lending to its range of services to provide easy access to cash.
The new offering will allow advisors to help AssetMark’s clients develop an interest-only revolving credit line using The Bancorp suite of banking services.
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The CashAdvantage Lending will enable advisors assist their clients to access cash for any purpose without affecting their constructed investment portfolios or triggering tax consequences from selling securities.
However the borrower’s CashAdvantage credit limit will be fixed by the value and type of collateral in the portfolio, AssetMark added.
The new offering can be used along with a CashAdvantage Checking account by advisors to enable simple fund transfers and to easily manage household finances.
The CashAdvantage Lending will reduce the potential tax consequences of liquidating assets and can be linked to any non-retirement account, including individual, joint, business entities and trust accounts, with no fees associated with maintaining these accounts.
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By GlobalDataBrad Wheeler, president of AssetMark Trust, said: "With CashAdvantage Lending, we wanted to create a capability to help advisors win new clients in competitive situations and retain more assets by having a lending solution available. It’s one more way we can help advisors build a great business while making a difference for clients.
"We benchmarked CashAdvantage against many brokerage and custodian solutions, and we’re confident we have a consistently competitive solution on rates and features," added Wheeler.
Frank Mastrangelo, president of The Bancorp Bank, said: "Having a combination of interest-bearing checking and sophisticated lending solutions integrated into the investment platform is quite powerful."
