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.
“We had been talking … about a likely sale of Questar for several months now since we discovered that this past spring, management at Questar had instructed divisional vice presidents to no longer focus on recruiting but rather organic growth,” according to independent-advisor recruiter Jon Henschen.
A similar situation took place some six months before Jackson National moved to sell its broker-dealers six months ago, the head of Henschen & Associates says.