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Thursday, November 07, 2013

Genworth's TAMP Rebrands, But With an Old Name

Reported by Tommy Fernandez

Genworth Wealth Management is developing a new identity, but with a name from its past.

The $20 billion TAMP announced that it is rebinding itself as AssetMark, Inc.

The firm also unveiled a new tagline, Wealth. Independence. Purpose., as well as a new website, www.assetmark.com.

Further, Genworth Financial Asset Management has been renamed Savos Investments, while Genworth Trust Company has been renamed AssetMark Trust Company.

“AssetMark serves advisors who make a difference in the lives of their clients,” stated Gurinder Ahluwalia, President and Chief Executive Officer, AssetMark. “We feel it’s time to put the ‘serve’ back in financial services and this is key to how we think about our business model.”

Two PE firms, the New York-based Aquiline Capital Partners and the San Francisco-based Genstar Capital bought Genworth Wealth Management from Genworth Financial in March for $412.5 million. The sale at the time had included both the investment management and consulting platform Genworth Financial Wealth Management (“GFWM”), and the alt shop Altegris, which is is charting its own course.

The name AssetMark dates back to the company's early days in the 1990s, according to an excellent history of the firm provided by Brooke Southall of RIABiz. Southall reports that much of the company was established in 1996 and was run as AssetMark Investment Services in those early years as Ron Cordes, Brian R. O’Toole and Richard Steiny.

Here is the press release:
Company Press Release

GENWORTH WEALTH MANAGEMENT EMBARKS ON NEXT CHAPTER AS ASSETMARK



Newly Independent Industry Leader Delivers Innovative Investment Solutions to Support Financial Advisors and the Evolving Needs of Their Clients
CONCORD, CA — November 6, 2013 —Genworth Wealth Management today announced its new name: AssetMark, Inc. The firm, a leading strategic provider of innovative investment and consulting solutions serving financial advisors, became independent in September. Concurrent with the re-branding, AssetMark also unveiled its new tagline – Wealth. Independence. Purpose.

“AssetMark serves advisors who make a difference in the lives of their clients,” said Gurinder S. Ahluwalia, President and Chief Executive Officer, AssetMark. “We feel it’s time to put the ‘serve’ back in financial services and this is key to how we think about our business model.”

AssetMark organizes its offering around the three core components of the independent advisor’s practice: Investment Management; Client Management; and Practice Management. The firm’s proven processes and integrated network of consulting and support resources built over the past two decades help advisors focus their time and attention where it matters most— on their clients.

“Our firm was built by advisors, for advisors and through working with them so closely over the years, one thing has become clear to us,” adds Ahluwalia. “There are no shortcuts to investing success. We remain committed to providing an open architecture suite of choices designed to help advisors navigate volatile markets and manage client emotions.” Advisor-built and advisor-focused, AssetMark’s priorities are targeted on delivering the solutions and efficiency demanded by the advisors it serves. In the coming months, the firm will introduce new investment solutions and improved processes that bring additional innovation and efficiency to managing client assets. The strong leadership team, with a track record of innovation focused on advisors spanning nearly 20 years, continues to drive advisor success and investor outcomes.

The firm also unveiled its new website at www.assetmark.com to showcase how it supports independent advisors and their clients.

Among other changes at AssetMark is a new name for Genworth Financial Asset Management, 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. Additionally, the firm’s trust company, formerly Genworth Trust Company, will now be known as AssetMark Trust Company.

About AssetMark, Inc.

AssetMark, Inc., formerly Genworth Financial Wealth Management, Inc., is an independent strategic provider of innovative investment and consulting solutions serving financial advisors. AssetMark provides investment, relationship and practice management solutions that advisors utilize in helping clients achieve their investment objectives and life goals.

The firm has approximately $20 billion in assets and a history of innovation spanning nearly 20 years. AssetMark works in collaboration with independent advisors who make a difference in the lives of their clients. For more information, visit www.assetmark.com.
 

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