“As an independent company, we'll have increased flexibility to deliver what advisors want most − innovative investment solutions and services that position their practices for accelerated growth,” added Gurinder S. Ahluwalia, president and chief executive officer at Genworth Financial Wealth Management.

The  firm is currently developing various new products and investment solutions to managing client assets, which will be launched in the coming months.

The firm will continue to use the Genworth Financial Wealth Management name until it announces a new name later this year.

Genworth Financial Wealth Management currently has an estimated $20 billion in assets on its investment platform. Genworth Financial is headquartered in Richmond, VA. In June, Genworth Financial announced an expense reduction plan to boost operating performance across its businesses to save between $80 million and $90 million in annual pre-tax expense savings. The move eliminates around 400 positions, including 150 open posts that will not be filled, while also cutting spending on related information technology and programs.