Virginia-based insurer Genworth has agreed to sell its tax and accounting financial advisor unit, Genworth Financial Investment Services (GFIS), to California-based Cetera Financial Group to focus on its asset management businesses.
GFIS, founded in 1981, specializes in helping tax and accounting professionals integrate wealth management into their practices through a network of 2,000 independent tax and accounting professionals and financial advisors.
Genworth said proceeds from the transaction will be used for general corporate purposes.
The unit will become Cetera’s fourth broker-dealer and investment advisory firm.
Genworth CEO Michael Fraizer said that this sale allows Wealth Management to continue to provide strong solutions and support for all their independent advisors while GFIS moves to a company dedicated to its long-term development.
The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in 90 days.