Genworth Selling B/D Unit For $78.5 Million
With the sale of Genworth Financial Investment Services, a tax and accounting financial adviser unit,
The company expects the transaction to close in about 90 days, subject to regulatory approvals. "This sale allows wealth management to continue to provide strong solutions and support for all our independent advisers while GFIS moves to a company dedicated to its long-term development," said
Through nearly 2,000 independent tax and accounting professionals and financial advisers, GFIS has focused on helping tax and accounting professionals integrate wealth management into their practices.
If a strict definition of a fiduciary standard of conduct becomes the fate for broker-dealers owned by U.S. life insurance companies, they could be forced to completely revamp their sales and distribution business model.
"This transaction creates significant strategic benefits for our business and our advisers," said
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|Source:||A.M. Best Company, Inc.|