Genworth said the announcement reflects its “commitment to providing neutrality and choice across its open-architecture investment platform,” according to a news release. 

Under the new agreement, financial advisers on GFWM’s investment platform will have the option to custody Genworth Financial Asset Management (GFAM) Active Return Opportunities and Preservation Strategy investment solutions with Pershing Advisor Solutions, according to Genworth. GFAM Active Return Opportunities is a unified management account that tailors investment portfolios from up to 49 available asset classes and offers opportunistic investment management. GFAM Preservation Strategy is a broadly diversified investment strategy that pursues its objectives by utilizing dozens of global asset classes, no-load mutual funds, and exchange-traded funds (ETFs), as well as a wide range of risk management solutions.

As an additional part of the agreement, Genworth said financial advisers enrolled on the GFWM platform under the Referral selling model, who previously had Genworth Financial Trust Company as a single custodian option, will now have Pershing Advisor Solutions as an additional custodian option. Under the Referral model, advisers refer business to GFWM for ongoing management of client accounts. The agreement will also provide advisers enrolled on the GFWM platform under the Referral model the option to custody mutual funds, ETFs, consolidated managed accounts, and individually managed accounts at Pershing Advisor Solutions.

GFWM said it provides an open-architecture investment platform, as well as practice management and client relationship management resources, to more than 6,000 financial advisers.