Genworth Wealth Management announced its (sort of) new name on Tuesday.
The firm will now be called AssetMark Inc. AssetMark, a provider of investment and consulting solutions and services to financial advisors, was sold by parent company Genworth Financial in September to a partnership of two private equity firms, Aquiline Capital Partners and Genstar Capital. Along with the name, it also unveiled its new tagline: Wealth. Independence. Purpose.
Advisors might feel a bit of déjà vu. The firm was called AssetMark Investments prior to being purchased by Genworth in 2007.
“The way we’re using it and what it stands for is different than before,” said Gurinder Ahluwalia, president and CEO of AssetMark. “Wealth is pretty straightforward. Independence gets a negative response on Wall Street, especially for advisors looking for independence, but it’s something to which we all aspire, especially clients with financial independence. Lastly, our purpose is to serve those that make a difference in the lives of their clients and their communities.”
AssetMark organizes its offering around the three core components of the independent advisor’s practice, Ahluwalia added: Investment Management; Client Management; and Practice Management.
“We are now a 400-person firm. In the previous [AssetMark iteration], we were half that size. We just moved into a new 50,000-square-foot office space; all glass and steel. We did that on purpose because it represents the transparency that we offer.”
He said the two new investment firms would help the company grow organically and through acquisitions. And while announcing the name at a conference it hosted for its 35 broker-dealer partners was “fun and interesting,” it’s now about helping clients.
“We are well-known for active management, but an upcoming initiative will focus on practice management tools,” he explained. “Advisors can use a web-based tool to do the first-tier diagnostic of their practice and receive a valuation. This starts the conversation with our consultants to help improve their efficiency.”
Other changes at AssetMark include a new name for Genworth Financial Asset Management, which is now known as Savos Investments.
“Savos continues to employ an investment philosophy grounded in assessing and navigating the fundamental drivers of risk and return in capital markets,” according to the company.
The firm’s trust company, formerly Genworth Trust Co., will now be called AssetMark Trust Co.
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