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CONCORD, Calif., Dec. 17, 2013 /PRNewswire/ -- AssetMark Trust Company, an affiliate of AssetMark, Inc., serving more than 75,000 investors and financial advisors using AssetMark, has added CashAdvantage Lending to the range of services it offers. Using this new offering, advisors can help their clients set up an interest-only revolving credit line from The Bancorp which provides a suite of banking services in an integrated manner to clients of AssetMark Trust Company.
"Independent advisors often need access to competitive banking solutions for their affluent clients," explains Brad Wheeler, President of AssetMark Trust. "With CashAdvantage Lending, we wanted to create a capability to help advisors win new clients in competitive situations and retain more assets by having a lending solution available. It's one more way we can help advisors build a great business while making a difference for clients."
Through CashAdvantage Lending, advisors can make it easy for their clients to access cash for almost any purpose without disrupting their carefully constructed investment portfolios or triggering tax consequences from selling securities. "It's important to have liquidity available when there is an important event such as a wedding, funding college or unexpected circumstances when life happens," said Mr. Wheeler. Advisors can use this securities-backed lending program together with a CashAdvantage Checking account to allow for simple fund transfers and make it easier to manage household finances.
"We benchmarked CashAdvantage against many brokerage and custodian solutions, and we're confident we have a consistently competitive solution on rates and features," added Mr. Wheeler.
The borrower's CashAdvantage credit limit is determined by the value and type of underlying collateral in the portfolio. Lending may be linked to any like-titled non-retirement account, including Individual, Joint, Business Entities and Trust Accounts. There are no fees associated with maintaining these accounts and using the CashAdvantage may also reduce or eliminate the potential tax consequences of liquidating assets.
"We believe we've created a very competitive solution working with AssetMark Trust," added Frank Mastrangelo, President of The Bancorp Bank. "Having a combination of interest-bearing checking and sophisticated lending solutions integrated into the investment platform is quite powerful. We've also built a mobile app for CashAdvantage that we'll be able to release in the coming weeks that will make mobile banking a reality for AssetMark's clients."
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 on its platform 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.
About The Bancorp
The Bancorp, Inc. ("The Bancorp") is a financial holding company that operates The Bancorp Bank, an FDIC-insured commercial bank that delivers a full array of financial services both directly and through private-label affinity programs nationwide. Through all its banking platforms and programs, The Bancorp builds long-lasting relationships which can turn business vision into reality. For more information please visit www.thebancorp.com.
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