American International Group Inc. announced Monday that its life and retirement business, AIG Life and Retirement, bought Woodbury Financial Services from The Hartford.

The companies signed a definitive agreement for the acquisition July 31. 

Woodbury Financial, which is based in Oakdale, Minn., is now part of AIG Life and Retirement’s Advisor Group, which is 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 group’s network, which includes FSC Securities Corp., Royal Alliance Associates and SagePoint Financial.

With the acquisition, Advisor Group now has 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, the 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.”

Larry Roth, the president and CEO of Advisor Group, expects growth throughout the network.

“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.”

Woodbury has more than 200 home office employees and nearly 1,400 independent representatives nationally.

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