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, woodbury financial, independent broker-dealer, american international group
+ Zoom

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

What does the adviser of the future need in their toolbox?

Advisers continue to embrace all of the new offerings and products the fintech space has to offer. But what else can help them improve their business?

Video Spotlight

Are Your Clients Prepared For Market Downturns?

Sponsored by Prudential

Recommended Video

Path to growth

Latest news & opinion

HighTower faces pressure to let investors cash out

After an IPO planned for last year didn't happen, the company could opt to satisfy its backers with a sale.

Jerry Schlichter's fee lawsuits have left an indelible mark on the 401(k) industry

After a decade of litigation, fees are lower and retirement plans are more transparent. But have the lawsuits gone too far?

10 best financial adviser jokes

How many financial advisers does it take to screw in a lightbulb?

With margins crashing, broker-dealers look to merge: report

Increased regulation is straining profit margins among broker-dealers, sending many of them into the arms of their bigger brethren.

Hackers may have profited from SEC breach

The hack of the agency's Edgar filing system occurred in 2016, but the regulator didn't conclude until last month that the cybercriminals may have used their bounty to make illicit trades.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print