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April 10, 2018 at 02:17 PM
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.”
