AIG to buy Woodbury Financial

The Hartford Financial Services Group Inc. is selling Woodbury, which has 1,400 reps and advisers, as part of a wide restructuring.
SEP 27, 2012
The American International Group Inc. said on Tuesday afternoon it was buying the independent broker-dealer Woodbury Financial Services. The Hartford Financial Services Group Inc. in March said it intended to sell Woodbury, which has 1,400 reps and advisors, as part of a wide restructuring. AIG, through its life and retirement business SunAmerica Financial Group Inc., recently emerged as the likely buyer, which was first reported earlier in July by InvestmentNews. Terms of the deal, which is expected to be finalized by the end of the year, were not disclosed. “Adding Woodbury Financial to our Advisor Group network sends a clear message that we are absolutely committed to the independent financial advisor business model,” said Advisor Group CEO Larry Roth, in a statement. Woodbury will be one of four distinct broker-dealers under the umbrella of the Advisor Group, AIG's independent broker-dealer network. Patrick McEvoy will continue to serve as Woodbury's CEO. Executives at both firms were not immediately available to comment on potential bonuses to retain Woodbury brokers. The Advisor Network currently has 4,800 reps and advisors with three broker-dealers: SagePoint Financial, Royal Alliance Associates and FSC Securities Corp. RELATED ITEM Largest indie B-D networks -- and where the Advisor Network ranks [email protected]

Latest News

SEC Says Game Service Roblox Part of ‘Active Investigation’
SEC Says Game Service Roblox Part of ‘Active Investigation’

Short sellers previously said the company was under investigation, though Roblox denied allegations.

Musk’s DOGE descends on CFPB with intention to shut it down
Musk’s DOGE descends on CFPB with intention to shut it down

The Consumer Financial Protection Bureau is in the crosshairs of the Republican group that is widely attempting to dismantle government agencies.

Advisor fighting Finra banishment loses $17.7 million dispute with old firm
Advisor fighting Finra banishment loses $17.7 million dispute with old firm

National Securities Corp. sued the advisor in 2020, alleging breach of contract and unjust enrichment.

Job numbers, inflation leaving room for Fed to hold rates
Job numbers, inflation leaving room for Fed to hold rates

Recent data support a measured pace by the Federal Reserve for the year ahead.

Private assets remain hot despite surging stock market
Private assets remain hot despite surging stock market

Financial advisors are still adding alternatives despite the surge in publicly traded stock prices

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.