Genworth Introduces Guaranteed Income Annuity for Managed Accounts

AssetMark Investment Services, Inc., and Genworth Life and Annuity Insurance Company introduced LifeHarbor, a group guaranteed income annuity product.

A release from Genworth said LifeHarbor helps protect an investor’s retirement plan by providing an income guarantee while allowing investors to remain invested in a mutual fund or exchange-traded fund (ETF) portfolio on AssetMark’s managed account platform. Both companies are subsidiaries of Genworth Financial, Inc.

Through LifeHarbor, investors will receive income for life, even if the markets have depleted their portfolio below the specified account minimum by participating in a group annuity that will guarantee income for life beginning at age 65. Purchasing LifeHarbor today, a 65-year-old investor may withdraw up to 5% of their account value annually. In addition, the income guarantee may increase, subject to certain conditions, the company said.

“The concept of taking an insurance guarantee and adding it to a managed account product is at the forefront of our industry,’ said Ronald Cordes, Chairman of AssetMark Investment Services. “Investors get the best of both worlds—the income stream from the insurance guarantee and the disciplined investment approach with our managed account product.’ AssetMark has partnered with independent broker/dealers to sell this new product through their advisers.

“We think this is a revolutionary new investment product that is clearly the next step in the evolution of managed account solutions,’ said James Poer, Senior Vice President of National Financial Partners, an independent distributor of financial services products.

The minimum investment for an AssetMark account with LifeHarbor is $50,000 for a mutual fund investment model and $100,000 for an ETF investment model.

A prospectus can be obtained by calling 1.866.447.2530 or going to