Insurance giant Farmers is deepening its footprint in the wealth management business with the launch of its new fee-based registered investment advisory firm, which will allow its financial service and insurance agents to offer clients “extensive” services. 

The RIA, named Farmers Asset Management, enables its agents to offer Farmers clients wealth management capabilities, including financial planning, investment, and insurance options, the firm said. 

Farmers Asset Management will be working with Charles Schwab for its custody and clearing, and with Orion for technology, planning, and outsourced CIO support. 

The RIA will be led by president Zachary Schear, who has served as CEO and president of Farmers’ broker-dealer Farmers Financial Solutions since January 2024. 

While the unit did not specify the number of advisors the firm plans to add from its existing agent, Farmers “plans to recruit new advisors that align with our vision,” a Farmers spokesperson said to Connect Money. 

“We believe this offering provides an incredible opportunity for advisor growth with two key audiences: First, individuals already within the Farmers system who wanted to be able to provide clients with fee-based financial advice and second, with those outside of our infrastructure who wanted to take advantage of our scale and offering but needed a way to continue to serve their advisory clients,” the spokesperson said.

The RIA is actively seeking to add a full-time recruiter to its roster to support the rollout of the unit, Schear added.

Through Farmers Financial Solutions, Farmers has offered wealth management services for over 25 years. The FFS team includes more than 2,500 registered representatives across the U.S. and oversees more than $10 billion in total assets, Farmers said. 

The new RIA also gives traditional Farmers agents and Farmers Financial Services Agents — those who focus on life insurance and financial services — additional options to offer customers. 

“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,” Schear said. “Along with options available through Farmers Financial Solutions 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 adds to the growing list of competitors that are offering an RIA option to their lineup. So far, private equity-backed firms and other large independent broker-dealers, like Cetera Financial Group, have expanded their offerings to better serve their advisors and their clients. 

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Pictured: Zachary Schear