Woodbury Financial Services, an independent broker-dealer in the Advisor Group network, will acquire Capital One Investing’s $10 billion full-service investment management and brokerage division. The transaction is expected to close in the second or third quarter of 2018.
Woodbury, which has more than 1,200 advisers and $39 billion in assets under administration, recruited 213 new advisors in 2017 with $5 billion in AUA. If the majority of the Capital One advisor unit’s assets transfer to the Woodbury platform, the broker-dealer would have approximately $50 billon in AUA and an additional 51 registered representatives.
Earlier this year, Capital One announced plans to leave the self-directed online investing business and sell more than 1 million brokerage accounts to E*Trade Financial Corp. for $170 million.
Headquartered in Phoenix, Arizona, Advisor Group is comprised of FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial, and Woodbury Financial Services. The network has 5,000 advisors overseeing approximately $190 billion in client assets.