Farmers announced Thursday that it is launching a fee-based RIA channel with the expectation that complementary wealth management and insurance offerings can drive mutual growth.
The new RIA will work with Charles Schwab for custody, clearing and related services, according to the announcement, while Orion will provide technology, planning resources and outsourced chief investment officer support.
Zachary Schear, Farmers Financial Solutions' president, said in a statement that the firm's vision is to build "a full spectrum" of financial offerings to meet an array of client needs.
"Farmers Asset Management is a modern wealth management firm designed to provide clients a wide array of fee-based financial planning and investment services," Schear said. "Along with options available through Farmers Financial Solutions and Farmers insurers, customers working with Farmers representatives will have convenient access to top annuity, risk mitigation and insurance offerings through the well-respected Farmers brand to address nearly every stage of their financial lives."
As Schear observed, Farmers has offered wealth management services through Farmers Financial Solutions for more than 25 years. The FFS team includes more than 2,500 registered representatives and oversees more than $10 billion in customer assets. With the launch of Farmers Asset Management, he said, Farmers will offer clients access to a more complete spectrum of wealth management offerings to help them create holistic financial plans.
The new RIA also gives traditional Farmers agents and Farmers Financial Services agents — those who focus on life insurance and financial services — additional options to offer customers.
Ken Walton, president of distribution for Farmers Insurance Group, said this expanded wealth management platform will attract growth-oriented, fee-based advisors who are ready to elevate their businesses.
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