Genworth's tax and accounting financial advisory unit, Genworth Financial Investment Services, is being sold to Cetera Financial Group, an independent broker/dealer network serving approximately 5,000 financial advisors and 700 financial institutions.
Cetera has three broker/dealer platforms: Financial Network Investment Corporation, Multi-Financial Securities Corporation and PrimeVest Financial Services Inc.
Genworth Financial Investment Services has nearly 2,000 independent tax and accounting professionals and financial advisors who help tax and accounting specialists integrate wealth management into their practices. The business was started about 30 years ago and became part of Genworth in 1998.
Genworth says the sale enables it to focus on its asset management business within Genworth Financial Wealth Management, as well as to provide capital flexibility and enhance shareholder value.
The deal is expected to close within 90 days, pending regulatory approval.
-Karen DeMasters