Woodbury Financial Services, an independent wealth management firm within the Advisor Group network, has recruited 400 financial advisors with $12.2 billion in assets under administration from Questar Capital Corporation and Questar Asset Management, subsidiaries of Allianz Life Insurance Company of North America, increasing the firm’s number of affiliated advisors to 1,600 professionals across the country.
In October 2018, Woodbury was selected by Questar Capital and Questar Asset Management as the preferred affiliation partner for its advisors, after Allianz Life decided to leave its retail broker-dealer and registered investment advisor businesses. The newly-recruited advisors represent 86 percent of Questar’s assets under management.
In the last 18 months, Woodbury said that it has added 572 new advisors with a combined $22 billion in AUA. In 2018, Woodbury’s total AUA increased 18 percent while AUM increased 25 percent.
During this same period, Woodbury noted that gross revenue increased 31 percent and advisory revenue increased 56 percent. Woodbury’s parent company, Advisor Group, also achieved strong growth last year with a gross revenue increasing 20 percent to $1.7 billion and AUA increasing 20 percent to $228 billion.
“Our continued success in recruiting and retaining advisors across the country is a testament to our strong leadership team, stable culture and commitment to putting advisors first,” said Jamie Price, president and CEO of Advisor Group. “Woodbury and Advisor Group remain totally focused on helping advisors grow by continuing to deliver on promised technology investments, maintaining a commitment to service excellence, and providing wealth management solutions that enable them to more efficiently and effectively serve their clients.”
Advisor Group Inc. is one of the nation’s largest networks of independent financial advisors serving more than 7,000 advisors and overseeing more than $250 billion in client assets. Headquartered in Phoenix, the firm offers securities and investment advisory services through its subsidiaries FSC Securities, Royal Alliance Associates, SagePoint Financial, and Woodbury Financial Services.