American International Group late Tuesday said its life and retirement unit, SunAmerica Financial Group, Inc., will acquire independent broker-dealer Woodbury Financial Services, adding more than 1,400 advisors to the 4,800 existing independent advisors already in the fold.
Financial terms of the deal were not disclosed, but company officials said the acquisition will close by year's end. Woodbury joins SagePoint Financial, Royal Alliance Associates and FSC Securities Corp. under its broker-dealer umbrella.
Woodbury Financial ranked No. 22 on Financial Planning magazine's 2012 list of the largest independent broker-dealers, with total revenue of more than $253 million.
"Woodbury Financial Services is a strong broker-dealer, with very talented independent financial advisors and a dedicated home office team," Jay Wintrob, President and CEO of SunAmerica Financial Group, said in a statement. "I am confident 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," he added.
Company official said Patrick McEvoy will continue to serve as Woodbury Financial's President and CEO, reporting to Larry Roth, President and CEO of SunAmerica Financial Group's Advisor Group.
"We are excited about the prospect of joining Advisor Group and being part of an organization committed to independent financial advisors," McEvoy said in a statement. "While we have been very successful in delivering highly valued services, we believe our advisors will greatly benefit from the state-of-the-art technology, tools, support, and enhanced growth opportunities affiliation with Advisor Group provides."
More details to follow.
Larry Barrett writes for Financial Planning.