With Questar-Woodbury Deal, What’s Next for Insurance-Owned BDs?
October 12, 2018 By Janet Levaux, ThinkAdvisor As Allianz Life Insurance moves to get out of the advisory business, it has struck a deal with Advisor Group-owned independent broker-dealer Woodbury Financial Services, which will get “preferred” treatment in recruiting 640 registered reps with Questar Capital. Woodbury has about 1,200 advisors and is based in Oakdale, Minnesota. The other Advisor Group IBDs are FSC Securities Corp., Royal Alliance Associates and SagePoint Financial. News of the Woodbury deal came as no surprise to some industry insiders. This summer, Royal Alliance said it was acquiring Signator Investors from John Hancock — a transaction that could double its size to as many as 3,600 financial advisors and other professionals. And a year ago this month, LPL Financial announcing its acquisition of four broker-dealers owned by Jackson National Life affiliate National Planning...