Genworth Financial, the Virginia-based insurance and wealth management firm, has sold Genworth Financial Investment Services, its tax and accounting financial advisor unit, to Cetera Financial Group.

The deal is scheduled to close in 90 days, pending regulatory approvals, and will see GFIS join Cetera’s three independent broker-dealers: Financial Network Investment Corporation, Multi-Financial Securities Corporation, and PrimeVest Financial Services. Los Angeles-based Cetera provides services and technology to around 5,000 independent financial professionals and 700 financial institutions and their investor clients in the US.

“GFIS advisors offer a unique value proposition to the market that is complementary to our other firms. This transaction offers us an opportunity to expand our family of broker-dealers, and cements our commitment to support the multiple faces of independence,” said Valerie Brown, Cetera’s chief executive.

The Genworth unit has around 2,000 independent tax and accounting professionals and financial advisors and  specializes in helping tax and accounting professionals integrate wealth management into their practices. It was founded in 1981 and became part of Genworth in 1998.

Proceeds from the sale will be used for “general corporate purposes,” Genworth said in a statement.

“This sale allows [Genworth] Wealth Management to continue to provide strong solutions and support for all our independent advisors while GFIS moves to a company dedicated to its long-term development," said Michael Fraizer, CEO. "This is another step in our ongoing efforts to strengthen Genworth's capital flexibility and risk buffers, optimize our business mix around leadership positions, and enhance shareholder value."