The Hartford’s announced intention to sell its large independent broker-dealer, Woodbury Financial Services, has created tremendous uncertainty for advisors, industry observers say.
When the insurance giant, under fire from its largest shareholder, hedge fund manager John Paulson, recently announced plans to sell Woodbury, the firm did not identify potential buyers, say when a sale might be final, or explain how the transition will be handled, says Larry Papike, founder of Cross-Search, a Jamul, Calif.-based recruiting firm specializing in financial advisors.
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