American International Group, Inc. (NYSE: AIG) today announced that its life and retirement business, AIG Life and Retirement, acquired Woodbury Financial Services, Inc. from The Hartford. The companies signed a definitive agreement for the acquisition on July 31, 2012.
Woodbury Financial Services is now part of AIG Life and Retirement’s Advisor Group, one of the nation’s largest networks of independent broker-dealers. Woodbury Financial brings approximately 1,400 advisors and $25 billion in assets under management to the Advisor Group’s network, which includes FSC Securities Corporation, Royal Alliance Associates and SagePoint Financial. With the addition of Woodbury Financial, Advisor Group consists of over 6,000 independent financial advisors, more than 800 home office employees and over $125 billion in assets under management.
“Advisor Group, already a leader among independent broker-dealer organizations, is strengthened by the addition of Woodbury Financial, with its complementary business model,” said Jay Wintrob, President and Chief Executive Officer of AIG Life and Retirement. “Woodbury Financial is an important acquisition for us and affirms our long-term commitment to the independent broker-dealer space and to the independent financial advisor community.”
“Our advisors are very excited to be part of Advisor Group,” said Patrick McEvoy, President and Chief Executive Officer of Woodbury Financial. “From the hands-on service to industry-leading technology to unique opportunities for growth, I’m confident our advisors will benefit greatly from our affiliation.”Larry Roth, President and Chief Executive Officer of Advisor Group, highlighted growth across the network, stating, “We are delighted to add Woodbury Financial to our organization and are confident that we will grow the firm by highlighting Woodbury’s unique value proposition to high quality advisors. Each of our broker-dealers has recruited a number of advisors this year and we remain eager to bring more talent to Advisor Group.” 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.