GenWealth Financial Advisors expanding to Louisiana

GenWealth Financial Advisors is adding offices in Shreveport and Bossier City, Louisiana as a part of a long-term strategic growth plan for the company.

Arkansas-based GenWealth has acquired the assets of S&S Financial Services of Bossier City operated by 25 year veteran Dan Sharp. That practice will be integrated with a second firm, Providence Investments of Shreveport, operated by advisor Don Salter. Salter will remain with the firm and Sharp plans to retire after the transition of ownership.

The Louisiana offices will join GenWealth locations in West Little Rock, Bryant and El Dorado. The firm has a location under construction in Hot Springs with an opening planned for early 2017.

GenWealth Managing Partner John Shrewsbury said concerns about retirement among older workers is another factor in the company’s expansion.

“More than ever, people are worried about their retirement. We cut through the confusion, create a simple plan and help our clients work toward financial independence,” Shrewsbury said.

He said the expansion is part of the company’s strategy for growth as a result of new regulations on retirement accounts expected to become effective next year.

“The Department of Labor Fiduciary Rule is causing a great deal of disruption in our profession and where there is disruption, there is often opportunity.”

Shrewsbury said some advisors are deciding to leave the financial business due to what they consider a hostile regulatory involvement. “Obviously, when someone decides to leave, that creates a void in service to their clients.”

The acquisition and merger of the two firms is expected to bring GenWealth to over $317 million in assets under advisement and over 3,100 client relationships and 26 advisors and support specialists.