When The Hartford announced plans last Wednesday to sell Woodbury Financial Services, the firm’s independent broker/dealer, it created 1,600 financial advisors feeling anxious and wondering if they should start looking for another broker/dealer or wait it out to see who the new owners will be. [pullquote]Financial recruiters are already swooping in…[/pullquote]
Since they don’t even have any serious offers, it may influence a lot of the reps to leave.
Ironically, the firm had been aggressively recruiting and had hired Gary Bender in May last year as new VP of acquisition and retention.
Financial recruiters are already swooping in on the best advisors and the longer it takes to find a buyer for Woodbury, the more likely they will look at what’s being offered out there.