Woodbury Financial Services promotes Rick Fergesen to president and CEO

Broker-dealer had sought a new chief since Pat McEvoy resigned in December.
APR 28, 2014
Rick Fergesen, a veteran of Woodbury Financial Services Inc., has been named president and chief executive of the broker-dealer. The firm had been looking for a new chief executive since December, when Pat McEvoy resigned. Woodbury is one of the four independent contractor broker-dealers that make up Advisor Group, which American International Group Inc. owns. More: New Advisor Group CEO Erica McGinnis' big plans take shape Mr. Fergesen joined Woodbury in 1998 and most recently was its executive vice president of business and field development, a recruiting position. AIG completed its purchase of Woodbury from The Hartford Financial Services Group Inc. in 2012. Mr. Fergesen worked on that transition, implementing an integration plan that he created that resulted in both high retention and new recruits of advisers, according to a statement from Woodbury. “We have made tremendous enhancements to our firm in recent years, offering Advisor Group's industry leading technology platform, enhanced support tools and services,” Mr. Fergesen said in the statement. Woodbury has about 1,200 registered representatives and financial advisers. Advisor Group is one of the largest networks of independent broker-dealers in the industry and has about 5,400 representatives and advisers.

Latest News

Clients expect to know if you use AI, but don’t realise that their portfolios are likely exposed
Clients expect to know if you use AI, but don’t realise that their portfolios are likely exposed

Janus Henderson Investors research reveals demand for transparency, but lack of awareness of AI’s prevalence in the corporate world.

Retirement dream looking more like a luxury as cost-of-living squeezes savings
Retirement dream looking more like a luxury as cost-of-living squeezes savings

New research reveals rising expenses, forced early exits, and a widening gap between how long people live and how long their money lasts.

Advisor moves: LPL, Raymond James, Brighton Jones raid the talent pool
Advisor moves: LPL, Raymond James, Brighton Jones raid the talent pool

Firms continue their quest to attract and retain the best advisor teams.

Most advisors say AI portfolio construction is worth $500 a month
Most advisors say AI portfolio construction is worth $500 a month

A survey from TacticalMind AI found 69% of advisors say a high-quality AI platform that makes investment recommendations and constructs portfolios is worth $500 monthly, while research-only tools are valued closer to $250.

CAIS embeds Claude AI into advisor workflows for alternatives intelligence
CAIS embeds Claude AI into advisor workflows for alternatives intelligence

The alts tech provider's latest integration lets advisors query fund data and surface portfolio insights without leaving their primary workspace.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline