OAKDALE, Minn., May 14, 2020 /PRNewswire/ -- Advisor Group, the nation's largest network of independent wealth management firms, and Woodbury Financial Services today announced the successful recruitment of two independent financial professionals with combined client assets of $170 million. The financial professionals, Joseph Di Biasi and Gregory McElheny, joined Woodbury as part of a transaction in which they acquired Life Certain Wealth Strategies, a five-person Woodbury-affiliated practice with $240 million in client assets. The transaction will enable Life Certain's President and Founder, Herb White, to execute his succession plan and successfully retire from active management of the business according to his preferred timeline.
Woodbury Financial Services is part of Advisor Group, which also includes FSC Securities Corporation, Investacorp, Inc., KMS Financial Services, Inc., Royal Alliance Associates, Inc., SagePoint Financial, Inc., Securities America, Inc., Securities Service Network and Triad Advisors, LLC.
The combined practice, which will retain the name Life Certain Wealth Strategies and now has total client assets of $410 million, has offices in Greenwood Village, Colorado (in the Denver area) and Colorado Springs and comprises the following financial professionals:
- Herb White, President
- Joseph Di Biasi, Chief Executive Officer
- Gregory McElheny, Chief Operating Officer
- Suzanne Charrin
- Brian Marston
- Randy Stone
- Michael Labedz
Advisor Group's Succession & Acquisition team, led by Senior Vice President of Succession & Acquisition Todd Fulks, JD, played a key role in facilitating the transaction and recruitment of Mr. Di Biasi and Mr. McElheny, as did Woodbury Regional Vice President Nathan Anderson.
Mr. White began identifying and evaluating potential merger partners in hopes of bringing strong successor candidates to his practice in 2019. Mr. Di Biasi and Mr. McElheny were clearly drawn to the resources, support and flexibility provided by Advisor Group and the Woodbury platform, and signaled that they would be open to joining Woodbury in order to minimize potential disruptions to Mr. White's practice and clients. Mr. Fulks and Mr. Anderson worked closely with the principals to help structure the transaction, assist in securing financing, facilitate a seamless transition for Mr. Di Biasi and Mr. McElheny, and resolve questions and concerns along the way.
Rick Fergesen, President and CEO of Woodbury, said, "Welcoming two seasoned independent financial professionals such as Joe Di Biasi and Greg McElheny to the Woodbury family is a tremendous win in itself. In addition to this great news, we are very pleased that we were able to play a critical role in facilitating a win-win transaction that will enable one of our highly-successful veteran financial professionals, Herb White, to realize his succession planning goals while ensuring that his clients are well cared for. We're in the business of providing financial professionals with the support they need to grow and succeed over the long term. This merger and recruitment do just that, and we are proud to have helped it reach completion."
Mr. White said, "From my perspective, it was crucial to find succession partners who were a great fit for the culture we had built over the years at Life Certain Wealth Strategies, both within our organization and with our clients. At the same time, it was equally important for me to stay with Woodbury, which has been an indispensable part of our success since we joined their platform nearly two decades ago. This transaction and succession plan gives me the reassurance of knowing that my clients will be in great hands after I retire, and I could not be more thrilled to work with Joe and Greg moving forward."
Mr. Di Biasi said, "Transitions can be difficult without the right expert resources and guidance to smooth the process. In this case, we went through both an affiliation move and a merger at the same time, and we could not have done it without the teams at Advisor Group and Woodbury empowering all of us to stay focused on our clients and businesses from start to finish. Woodbury and Advisor Group's experience, expertise, and responsiveness were invaluable to us and helped us establish a powerful combined business that will help our clients effectively pursue their goals for years to come."
Jamie Price, President and CEO of Advisor Group, concluded, "We are very pleased to bring Joe Di Biasi and Greg McElheny to Advisor Group and Woodbury, and to contribute to the success of Herb White's succession plan. This was a complex transaction that would never have been possible without the diligent collaboration of both parties, the support of Nathan Anderson and other senior Woodbury executives and the guidance of Todd Fulks and his experts on Advisor Group's Succession & Acquisition team. At Advisor Group, we stand, as always, in our financial professionals' corner, and our teamwork and dedication were on full display here as we worked to ensure that this transaction was a win for all involved."
About Woodbury Financial
Woodbury Financial Services, Inc. is part of Advisor Group, the nation's largest network of independent wealth management firms, and is a Registered Investment Advisor, member FINRA and SIPC. Woodbury Financial has nearly 1,600 affiliated independent financial advisors and is headquartered in Oakdale, MN. Woodbury employs a client-driven approach focused on meeting the unique demands of businesses and individuals. For more information visit https://www.joinwoodbury.com/.
About Advisor Group
Advisor Group, Inc. is the nation's largest network of independent wealth management firms, serving approximately 11,300 financial professionals and overseeing over $450 billion in client assets. The firm is mission-driven to support the strategic role that financial professionals can play in the lives of their clients. Securities and investment advisory services are offered through its affiliated broker-dealers: FSC Securities Corporation; Royal Alliance Associates, Inc.; SagePoint Financial, Inc.; Woodbury Financial Services, Inc.; Securities America, Inc.; Triad Advisors, LLC.; Investacorp, Inc.; KMS Financial Services, Inc.; and Securities Service Network, LLC, members FINRA and SIPC, and Registered Investment Advisers. Cultivating a spirit of entrepreneurship and independence, Advisor Group champions the enduring value of financial professionals and is committed to being in their corner every step of the way. For more information, visit https://www.advisorgroup.com.
SOURCE Advisor Group