Woodbury Financial Services has agreed to acquire the assets of Diversified Financial Concepts, an investment and insurance marketing firm that has long been allied with Woodbury.

The agreement is expected to close in February.

Woodbury, in Woodbury, Minn., is an independent broker dealer and a subsidiary of the Hartford Financial Services Group Inc., Hartford, which purchased the firm in 2001.

Woodbury has had a working relationship with DFC, Tucson, Ariz., since the late 1980s, according to Woodbury president and CEO Brian Murphy.

DFC has around 240 employees in 24 branch offices in 12 states. It claims over $1 billion of assets under management and produced $13.5 million in gross dealer concessions in 2005, from $205 million in investment product sales.