Advisor Group IBD grows to 1,600 reps in latest insurance pullback

From Financial Planning:

Woodbury Financial Services is now 400 advisors and $12.2 billion in client assets bigger as insurance giant Allianz Life Insurance Company of North America exits the independent broker-dealer space.

A Lightyear Capital-backed Advisor Group subsidiary, Woodbury has expanded to more than 1,600 advisors on the strength of both its parent’s acquisitions and notable recruiting additions. Woodbury retained 86% of the client assets from Allianz’s IBD, Questar Capital, the firm said March 5.