OAKDALE, Minn., March 5, 2019 /PRNewswire/ -- Woodbury Financial Services (Woodbury), an independent wealth management firm, today announced the successful completion of its recruitment of over 400 financial advisors from Questar Capital Corporation and Questar Asset Management Inc., subsidiaries of Allianz Life Insurance Company of North America, increasing the firm's number of affiliated advisors to 1,600 professionals across the country.
The newly-recruited advisors, who represent 86% of Questar's AUM, consistently referenced the cultural alignment between the two firms as well as Advisor Group's industry-leading technology, wealth management solutions and advisor growth programs as the drivers of their decision to affiliate with Woodbury.
"We have enjoyed getting to know the Questar advisors, and welcome them to our family," said Rick Fergesen, President and CEO of Woodbury Financial Services, Inc. "From the outset of our conversations, they were impressed with the fact that Woodbury's advisors experienced year-over-year revenue growth in 2018 of 11%, net of market – an impressive result driven by having access to efficient, integrated technology platforms and wealth management solutions designed to support holistic planning. Our culture and similar regional support model were two factors that further reinforced the decision to transition to our firm. We look forward to being in their corner, and through our continued strategic investments, providing them with the capabilities they need to deliver exceptional client service and reach their loftiest business goals."
The completion of the transition of the overwhelming majority of Questar advisors accelerates the strong growth Woodbury has experienced, largely driven by the addition of 126 NPC advisors in the fall of 2017 representing $4.7B in AUA and the closing of the Capital One acquisition in mid-2018. In the last 18 months, Woodbury has seen the addition of 572 new advisors with a combined $22B in AUA. In 2018, Woodbury's total AUA increased 18% while AUM increased 25%. During this same period gross revenue increased 31% and advisory revenue increased 56%. Woodbury's parent company, Advisor Group, also achieved strong growth last year with gross revenue increasing 20% to $1.7B and AUA increasing 20% to $228B as it introduced new products and services to help advisors continue to grow their businesses.
"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."
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About Woodbury Financial Services, Inc.
Woodbury Financial Services, Inc. is part of one of the nation's largest networks of independent financial advisors and a Registered Investment Advisor, member FINRA and SIPC. Woodbury Financial is supported by Advisor Group, one of the largest truly independent broker-dealer networks in the industry. The firm 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 one of the nation's largest networks of independent financial advisors serving over 7,000 advisors and overseeing more than $250 billion in client assets. Headquartered in Phoenix, AZ, the firm is mission-driven to support the heroic role that advisors can play in the lives of their clients, offering securities and investment advisory services through its subsidiaries FSC Securities Corp., Royal Alliance Associates Inc., SagePoint Financial, Inc. and Woodbury Financial Services, Inc., as broker/dealers, registered investment advisors and members of FINRA and SIPC. Cultivating a spirit of entrepreneurship and independence, Advisor Group champions the enduring value of financial advisors and is committed to being in their corner every step of the way. For more information visit http://www.advisorgroup.com.
SOURCE Advisor Group, Inc.