Genworth Wealth Management is introducing a retirement plan offering designed to help advisors expand into the burgeoning retirement market, to further support independent financial advisors with growing their businesses.
Retirement Connections meets the complex challenges and demands facing business owners to provide simple yet sophisticated retirement plan choices to Americans who have increasingly low confidence in their retirement readiness.
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Michael Kim, SVP of Genworth Wealth Management, said: "With Retirement Connections, advisors can offer business owners a compelling solution to help them attract and retain valuable employees.
"The retirement plan market is steadily growing and the vast majority of plans are small- to mid-size, the sweet spot for advisors. By expanding into plan services, advisors may see opportunities open up for financial planning services and IRA rollovers," Kim added.
Advisors who choose to work with Retirement Connections can bring the following to their small business owner clients: choice to participants from low-cost ETFs to target-risk turnkey investment solutions; shared fiduciary responsibility with Genworth Wealth Management, the ERISA Section 3(38) investment manager that assumes liability for the investment selections and monitoring; and team of specialists to support every aspect of the plan.
David Pologe, director of strategic accounts for Genworth Wealth Management, said: "Broker-dealers we work with are finding this solution attractive because of the investment manager fiduciary responsibility delegation as well as the integrated offering."
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By GlobalData"We’ve integrated the third party administrator and recordkeeper so advisors and their clients have a single point of contact for plan administration. Given how time-pressed advisors are, this was important in building our offering," Kim added.
