The Hartford has announced that it is selling Woodbury Financial Services, an independent broker-dealer network, to the Advisor Group sector of American International Group (AIG).
The sale will close by the end of 2012 and will garner a modest gain for The Hartford, although it will not have any material impact on the company’s 2013 earnings. Additionally, The Hartford states that transactions regarding its Individual Life and Retirement Plans will continue normally.
Woodbury Financial Services employs nearly 1,400 independent representatives nationally and 200 at its home office. In spite of Woodbury’s sale, current president and CEO Patrick H. McEvoy will stay on and continue to base his operations out of Minnesota and will retain his senior management team, field force and home office staff. Additionally, Woodbury’s registered representatives will continue to conduct business in a normal manner, although the company will now function as one of the four independent broker-dealers that make up the Advisor Group.
Eccleston Law Offices counsel, represent and defend financial advisers nationwide in regulatory, compliance, disciplinary and employment matters in arbitration and litigation, and before regulatory bodies such as the SEC, FINRA and state securities regulators. We frequently defend forgivable loan collection actions, prosecute Form U-5 defamation actions, counsel advisers as to how to transition successfully from firm to firm and negotiate the best possible agreements with their new firm, and provide succession planning, buy-sell agreements and other exit strategies and strategic consulting, practice transitions, mergers, acquisitions and divestitures.
