Farmers launched the full-service RIA Farmers Asset Management (FAM) as part of the Farmers Insurance Group of Companies. The RIA is expected to offer clients wealth management services along with its traditional investment and insurance services.
“We are building a full spectrum of financial offerings because investment management and insurance drive mutual growth and help customers with a broad array of financial needs,” said Zachary Schear, President of FAM. “Farmers Asset Management, LLC is a modern wealth management firm designed to provide clients a wide array of fee-based financial planning and investment services.”
FAM selected Charles Schwab for custody and clearing, and Orion for support with technology, planning, outsourced chief investment officer services and investment platforms.
Schear added, “Along with options available through Farmers Financial Solutions, LLC (FFS) and Farmers insurers, customers working with Farmers representatives will have convenient access to top annuity, risk mitigation and insurance offerings through the well-respected Farmers brand to address nearly every stage of their financial lives.”
Farmers has offered wealth management services through FFS for more than 25 years. The broker-dealer includes more than 2,500 registered representatives and oversees more than $10 billion in assets. Schear has served as the President and CEO of Farmers Financial Solutions since January 2024.
Ken Walton, President of Distribution at Farmers Insurance Group, said, “We believe this expanded wealth management platform will attract growth-oriented, fee-based advisors who are ready to elevate their businesses by providing more comprehensive services and appreciate the important role that risk, guaranteed income and insurance products can play in helping clients reach their financial goals.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
