Woodbury Financial, part of the AIG-owned Advisor Group of independent broker-dealers, named Rick Fergesen president and CEO late Monday. Fergesen previously served as the executive vice president of business and field development for the IBD, which has nearly 1,200 affiliated advisors and is based in Oakdale, Minn.
Fergesen was tapped to replace Pat McEvoy, who resigned in December. That news came on the heels of the departure of then-Advisor Group chief Larry Roth in September. (Roth left the firm to become CEO of Realty Capital Securities).
“Over the past two months, we visited with a number of candidates for this important role, both internally and externally,” said Advisor Group President and CEO Erica McGinnis, in a press release. “Rick's demonstrated capabilities, his knowledge of Woodbury Financial’s culture, employees, and advisors, and his insights into the independent broker-dealer industry make him an excellent choice to lead Woodbury Financial into the future.”
Fergesen joined Woodbury in 1998 as vice president of strategic and operational planning. He was named chief financial officer in 2001 and “played a critical role in Advisor Group’s acquisition of Woodbury Financial in 2012, successfully implementing the integration plan he created that resulted in high retention and new advisor recruits,” the organization says.
“I am very excited to lead Woodbury Financial,” said Fergesen, in a statement. “We have made tremendous enhancements to our firm in recent years, offering Advisor Group’s industry-leading technology platform, enhanced support tools and services and more. We will continue to do everything we can to partner with our advisors and help them grow.”
Woodbury had about 1,050 reps in 2012, according to the Investment Advisor 2013 Broker-Dealer Reference Guide. The reps had average annual fees and commissions of $155,000. Overall, the IBD—which has been in the business for more than 100 years—had 2012 revenue of $243 million, of which $30 million was tied to fee-based work.