Genworth Financial Trust Company has launched Trust Connections, a program designed to help independent financial advisors handle trusts when a corporate trust officer is required.
Trust services will be provided through Advisory Trust Company of Delaware, Reliance Trust Company of Delaware and Wealth Advisory Trust Company of South Dakota.
Trusts, which often exceed $1 million in assets, are an attractive source of business growth for independent financial advisors, according to Genworth. Genworth Financial Trust Company is a custodian with more than $13 billion in assets that is a subsidiary of Genworth Financial Inc. and an affiliate of Genworth Financial Wealth Management Inc.
The trust companies selected by Genworth specialize in serving clients of independent advisors, while the advisors continue to manage the investments. The companies provide trust administration and can serve as a corporate trustee.
Trust Connections is designed to give advisors and trust companies more exposure to high-net-worth clients, who are moving away from banks to independent financial advisors for trust services, according to Genworth.
"We found that independent advisors were often passing up trust opportunities even when clients expressed their dissatisfaction with the fees, service or investment performance they were getting through their banks," 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."
-Karen DeMasters