Farmers Insurance Group has launched Farmers Asset Management, LLC (FAM), a new full-service registered investment advisor that expands the company’s wealth management capabilities beyond its existing brokerage and insurance-based offerings. The firm said the move is designed to deliver broader, fee-based financial planning and investment management services to clients while creating an additional platform for Farmers agents and Farmers Financial Services Agents to serve customers with more holistic advice.
Zachary Schear, CFP, President, said Farmers is building “a full spectrum of financial offerings” because investment management and insurance can “drive mutual growth” and help meet a wider range of customer needs. Farmers positioned FAM as a modern wealth management firm intended to complement the existing services available through Farmers Financial Solutions, LLC (FFS) and Farmers Insurers, including access to annuities, risk mitigation, and insurance products across different life stages.
To support the RIA platform, Farmers said FAM will work with Charles Schwab for custody, clearing, and related services, and with Orion for technology, planning capabilities, outsourced chief investment officer support, and access to specialized investment platforms.
Farmers also highlighted the scale of its incumbent wealth management business. It said it has provided wealth management services through FFS for more than 25 years, with a network of more than 2,500 registered representatives and more than $10 billion in total customer assets overseen. Schear has served as President and CEO of FFS since January 2024, according to the release.
KEY QUOTES:
“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. 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.”
Zachary Schear, CFP, President
“By creating Farmers Asset Management, LLC, we now offer a way to provide our existing insurance customers a trusted avenue for investment advice, financial planning and asset management. 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.”
Ken Walton, President of Distribution, Farmers Insurance Group
