Job cuts at Advisor Group

Advisor Group, the IBD owned by AIG, laid off employees this week. Sources outside the company said the lion's share of the layoffs came from Woodbury Financial Services.
JUN 05, 2013
Advisor Group, the independent broker-dealer network owned by American International Group Inc., pared back its workforce this week The job cuts affected less than five percent of the B-D's 800 employees. It was not clear how many positions were terminated at each of the four broker-dealers. But sources outside the company said that the lion's share of the layoffs came from Woodbury Financial Services Inc., which AIG acquired last year from the Hartford Financial Services Group Inc. Advisor Group spokeswoman Linda Malamut would not comment on the specific number of workers let go. She did state that the acquisition last year of Woodbury Financial caused the Advisor Group to review the current structure of its business. Advisor Group has also seen at least one change in management. The former head of recruiting at FSC Securities Corp., Josh Hayes, is no longer with the firm. According to his profile on BrokerCheck, Mr. Hayes worked at FSC until last month. Mr. Hayes did not immediately return a phone call on Friday afternoon to comment. The other broker-dealers in Advisor Group are Royal Alliance Associates Inc. and SagePoint Financial Inc. In total, the network has close to 5,400 affiliated reps and advisers.

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