American International Group announced that its life and retirement business, SunAmerica Financial Group, Inc., has signed a definitive agreement with The Hartford Financial Services Group Inc. to acquire Woodbury Financial Services, Inc., an independent broker-dealer.
Once the transaction is finalized, Woodbury would become part of the SunAmerica Financial Group’s Advisor Group of independent broker-dealers. AIG said “Woodbury Financial’s approximately 1,400 advisors complement Advisor Group’s network, which includes more than 4,800 independent financial advisors at SagePoint Financial, Royal Alliance Associates, and FSC Securities Corporation.” Patrick H. McEvoy will continue to serve as Woodbury Financial’s President and CEO, reporting to Larry Roth, President and CEO of Advisor Group.
“Woodbury Financial Services is a strong broker-dealer, with very talented independent financial advisors and a dedicated home office team,” noted SunAmerica’s president and CEO Jay Wintrob.
He also expressed his confidence that when “Woodbury Financial’s advisors join our network they will see tremendous benefits, namely our industry-leading technology and open architecture platform. We look forward to welcoming Woodbury Financial into the AIG family and to working together to provide even more valuable services to their clients.”
Roth noted the importance of the acquisition, stating: “Adding Woodbury Financial to our Advisor Group network sends a clear message that we are absolutely committed to the independent financial advisor business model. We will continue to invest in our advisors to help them grow their practices and better serve their clients.”
The transaction is expected to be finalized by the end of 2012, subject to required regulatory approvals and customary closing conditions. Located in Oakdale, MN, Woodbury Financial Services has more than 200 home office employees and nearly 1,400 independent representatives throughout the United States. The roots of Woodbury Financial date back to 1910, with Montana Life.