McEvoy resigns at Woodbury

CEO's departure is second big change in four months

Dec 30, 2013 @ 12:38 pm

By Bruce Kelly

Advisor Group continues to see movement in the executive suite.

Pat McEvoy resigned last week as chief executive of Woodbury Financial Services Inc., Larry Mark, a spokesman for American International Group Inc., which owns Advisor Group, confirmed Monday. Mr. Mark did not comment on the reasons for the resignation.

Woodbury is one of four independent broker-dealers that make up Advisor Group, one of the largest networks of independent B-Ds in the industry with a total of 5,408 reps .

Erica McGinnis, CEO of Advisor Group, will temporarily replace Mr. McEvoy while the firm looks for a successor.

Mr. McEvoy's resignation is the second significant change in the leadership of Advisor Group in the past four months. In September, long-time Advisor Group CEO Larry Roth stepped down to become CEO of Realty Capital Securities LLC, the broker-dealer and wholesaler for Nicholas Schorsch's nontraded real estate investment trusts and other alternative investments.

In October, Advisor Group tapped Ms. McGinnis, its compliance chief, to replace Mr. Roth.

A year ago, AIG completed its purchase of Woodbury Financial from The Hartford Financial Services Group Inc.

“I would like to thank Pat for his contributions to Woodbury over the years, especially during the recently completed integration of the firm into the Advisor Group network,” Ms. McGinnis said in a statement. “I wish him the best in the next phase of his career.”

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

Events

Here are 3 ways the DOL fiduciary rule has affected 401(k) advisory practices

Fred Barstein, founder of The Retirement Advisor University, explains why the old way of doing business is dead no matter what happens with the regulation.

Latest news & opinion

Brokers accept proposed SEC rule on who can call themselves an adviser

Some say the rule will clear up investor confusion, but others say the SEC didn't go far enough.

SEC advice rule: Here's what you need to know

We sifted through the nearly 1,000-page proposal and picked out some of the most important points.

SEC advice rule seeks to tighten reins on brokers

The proposed rule puts new restrictions on brokers, but it is still unclear how strongly the SEC is clamping down.

SEC advice rule hearing updates

Commission says a lot of work ahead, public will have 90 days to comment.

SEC advice proposal unveiling: Here's what to expect

Chairman Jay Clayton will initiate momentous action Wednesday, as the commission meets to debate a rule on broker and adviser standards.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print