Woodbury Financial, one of four independent broker-dealers within Advisor Group, has a new chief executive.

The Oakdale, Minn.- based firm, which has nearly 1,200 independent representatives throughout the U.S., announced that Rick Fergesen has been named its new president and CEO. Fergesen was previously Woodbury's executive vice president for business and field development. He replaces Patrick McEvoy, who resigned in December.

Fergesen had the advantages of an inside candidate, Erica McGinnis, who was tapped as Advisor Group's new president and CEO last October, said in a statement. “Rick's demonstrated capabilities, his knowledge of Woodbury Financial’s culture, employees, and advisors, and his insights into the independent broker-dealer industry make him an excellent choice to lead Woodbury Financial into the future," she said.

Advisor Group, a unit of AIG Life and Retirement, acquired Woodbury from The Hartford in 2012. Rather than operating several large field-based OSJs, Woodbury oversees most of the group's advisors from its the home office, McGinnis said recently.


Fergesen also played a "critical role" in Advisor Group's acquisition of Woodbury by successfully creating and implementing an integration plan that resulted in high retention and new advisor recruits, according to company officials. He joined Woodbury in 1998 as vice president of strategic and operational planning and was named chief financial officer in 2001.

“We have made tremendous enhancements to our firm in recent years, offering Advisor Group’s industry-leading technology platform, enhanced support tools and services and more," Fergesen said in the announcement. "We will continue to do everything we can to partner with our advisors and help them grow. I am excited about the future of Woodbury Financial and our ability to serve the evolving needs of today’s financial advisors.”

The parent network also operates Royal Alliance, FSC Securities and SagePoint Financial with more than 6,000 independent financial advisors.

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