Genworth Hires Head of New HNW Department

On Monday, Genworth Financial Wealth Management (NYSE: GFWM), a subsidiary of Genworth Financial (NYSE:GNW), announced that Michael Kim, formerly of Fidelity Investments, has joined the firm. As senior vice president of business and channel development, Kim will head a new department that provides support to advisors who work with high-net-worth investors—among both Genworth's core market of independent broker-dealer advisors and RIAs.

Kim will report directly to GFWM President Gurinder Ahluwalia and serve on the executive management team. There he will be responsible for development of enhanced products and services aimed at helping advisors increase their AUM and service higher-net-worth investors. In his former position as senior vice president at Fidelity Institutional Wealth Services, Kim’s responsibilities included sales management, relationship management and practice management.

In a statement, Ahluwalia said, "Through Michael's direction, GFWM will strengthen its service and relationships with those advisors who have shown interest in growing their high-net-worth clients. Our decision to build a business and channel development group is in response to pent-up demand among our core base of independent broker-dealer advisors, along with RIAs."