Financial advisors affiliated with AssetMark Inc. will see additional resources to help them grow their businesses, says Gurinder Ahluwalia, president and CEO.
In the near future, the firm will have a business assessment tool available for advisors to help them determine where they can improve their operations, according to Ahluwalia. Early next year, a mobile app will be available so advisors can assess financial planning software from remote locations.
AssetMark, based in Concord, Calif., will help advisors work with small business owners to provide retirement plans for their employees.
AssetMark is the new name for privately held Genworth Wealth Management, which was sold in September by Genworth Financial Inc. to Aquiline Capital Partners and Genstar Capital. Ahluwalia was president and CEO of Genworth Wealth Management.
AssetMark manages approximately $20 billion in assets.
Other changes also are in the works for the 6,000 advisors that AssetMark serves, Ahluwalia says, adding that AssetMark wants to reach more advisors and, at the same time, provide more services for those advisors affiliated with the firm. The firm provides investment and consulting solutions for its advisors.
The financial industry is still being affected by the 2008-2009 crises, he says. Advisors are dealing with those who remember the volatility and know they need to have a portfolio that is strategically built to avoid market pitfalls. It is the advisors who take that action with the help of AssetMark, Ahluwalia says.
Along with the name change, the firm has adopted a new tagline, ‘Wealth Independence Purpose,’ which Ahluwalia says shows the firm’s dedication to helping its independent advisors grow with their clients.
AssetMark organizes its offering around the three core components of the independent advisor's practice—investment management, client management and practice management.