September 17, 2013

Genworth Offers Advisors ‘Retirement Connections’ for Small-Biz Plan Market

‘Simple yet sophisticated’ is an ongoing problem for small-business retirement plans, the company claims

To further support independent financial advisors with growing their businesses, Genworth Wealth Management is introducing what it calls “a unique retirement plan offering designed to help advisors expand into the burgeoning retirement market.”

Retirement Connections seeks to help business owners provide “simple yet sophisticated” retirement plan choices to their workers, who have “increasingly low confidence in their retirement readiness,” according to the company.

“With Retirement Connections, advisors can offer business owners a compelling solution to help them attract and retain valuable employees,” Michael Kim, SVP, Genworth Wealth Management, said in a statement. “The retirement plan market is steadily growing, and the vast majority of plans are small- to midsize, the sweet spot for advisors. By expanding into plan services, advisors may see opportunities open up for financial planning services and IRA rollovers.”

Advisors who choose to work with Retirement Connections can now offer the following to their small-business owner clients:

  • A range of 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
  • A team of specialists to support every aspect of the plan

“Broker-dealers we work with are finding this solution attractive because of the investment manager fiduciary responsibility delegation as well as the integrated offering,” added David Pologe, director of strategic accounts for Genworth Wealth Management.

“We’ve integrated the third party administrator and recordkeeper so advisors and their clients have a single point of contact for plan administration,” Kim sconcluded. “Given how time-pressed advisors are, this was important in building our offering.”

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