Woodbury acquires Capital One’s $10 billion adviser business
The sale is part of Capital One's exit from some financial services businesses.
Woodbury Financial Services, part of the Advisor Group, is buying Capital One Investing’s $10 billion investment management and brokerage division.
Capital One’s advisers will join Woodbury’s roster of affiliated independent advisers and get access to Woodbury’s technology, marketing services, business building support and wealth management solutions.
(More: Finra bars no-show ex-Woodbury rep)
The sale is part of Capital One’s move away from some financial service businesses. In January, the company announced it was exiting the online investing business, selling 1 million brokerage accounts to E*Trade Financial Corp. for $170 million.
Woodbury recruited 213 new advisers in 2017, representing a combined $5 billion in assets under advisement. In total, Woodbury supports more than 1,200 advisers with $39 billion in AUA.
The Advisor Group grew by 614 advisers and $13 billion last year.
(More: Advisor Group B-Ds recruited 614 advisers last year)
Woodbury expects to complete the Capital One transition in the second quarter or early Q3 of 2018.
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