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Woodbury Buys $10B Capital One Advisory Unit

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Woodbury Financial Services has acquired Capital One Investing’s $10 billion investment management and brokerage division.

Woodbury, which has about 1,200 affiliated advisors and is part of the Advisor Group of independent broker-dealers, says that the Capital One unit and its 51 financial advisors should complete their transition to the IBD by the end of second quarter (July 31) or in the early part of the third quarter.

If the majority of assets and advisors transfer to Woodbury, the firm’s total assets under administration would approach $50 billion.

“Woodbury is focused on holistic financial planning and is committed to helping advisors and their clients thrive in this fiduciary era,” said Rick Fergesen, president and CEO of Woodbury, in a statement.

“In today’s rapidly evolving financial environment, we provide the resources, flexibility, and personalized support advisors need to grow their business and provide exemplary service,” Fergesen explained. “We look forward to working with Capital One to ensure a smooth transition for advisors and their clients.”

The Oakdale, Minnesota-based IBD says it added 213 new advisors with $5 billion in assets under administration in 2017. This brought Woodbury’s total AUA to $39 billion.

Last year, Advisor Group had double-digit growth in revenue and assets; it cites the introduction of “new products and services to help advisors continue to grow their businesses” as a key factor in this expansion.

About three months ago,  E-Trade Financial said it would buy 1 million retail brokerage accounts with about $18 billion in client assets from Capital One for $170 million, according to a Reuters report at the time.

— Check out Advisor Group & W Source Partner to Support Female Advisors on ThinkAdvisor.


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