Genworth Financial Investment Services, a firm that specializes in helping approximately 1,800 tax and accounting professionals integrate wealth management into their practices, is being renamed Cetera Financial Specialists after being acquired earlier this year.
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The parent company, Cetera Financial Group, unveiled the rebranding of Genworth along with three other units Tuesday. Financial Network Investment Corporation, whose regional director network provides local support to more than 2,100 advisors through every stage of their business, will be renamed Cetera Advisor Networks. Multi-Financial Securities Corporation, which serves more than 1,100 highly entrepreneurial advisors, will be renamed Cetera Advisors. PrimeVest Financial Services, a self-clearing firm that focuses on serving nearly 500 financial institutions and more than 1,500 advisors, will be renamed Cetera Financial Institutions.
Cetera acquired them from Genworth Financial in April after announcing the deal in January (see Cetera to Buy Genworth Financial Investment Services). Genworth Financial continues to provide insurance and other financial services, but has announced new leadership since closing the deal.
Cetera said the new naming structure would not change the way Cetera and its firms operate. Each firm will remain a separate legal entity with its own distinct leadership, culture and advisor support structure.
“The new, unified brand structure reinforces our commitment to four separate firms, each bringing a unique value proposition to our advisors,” said Cetera CEO Valerie Brown in a statement. “In these challenging times when clients continue to be nervous and a have lack of confidence in the financial system, it is more important than ever for them to know that their advisor is supported by a well-capitalized, stable firm. This new branding makes that conversation easier. Cetera is committed to supporting each advisor’s ability to be the trusted guide of their clients’ financial futures.”
To help support advisors as they implement the new brand, the company will be staggering the planned effective dates of each firm’s new name beginning in the fourth quarter of 2012, with completion of the transition scheduled for early next year.
The company has also redesigned its Web site, Cetera.com, to improve the user experience and offer more information about each of the firms. Cetera said that more information about each firm’s rebranding will be announced in the coming months.