Allianz Life Sells Own B-D, RIA Business
Allianz Life is the latest insurer to exit the broker-dealer and RIA business, FA magazine reports.
Allianz has signed a deal to sell its RIA and broker-dealer assets to Woodbury Financial Services, an independent broker-dealer that’s part of the Advisor Group network, according to the publication.
Allianz’s 600 representatives will be able to transition to Woodbury, which has been named the "preferred affiliation partner,” a spokesman for Allianz tells FA magazine.
Likewise, clients at Allianz’s subsidiaries, Questar Capital and Questar Asset Management, who hold $13 billion with the firms, can also move their assets to Woodbury, according to Allianz’s spokesman, the publication writes.
The deal, the terms of which weren’t disclosed, is expected to close in the first quarter of 2019, subject to regulatory approval, Allianz’s spokesman tells FA magazine. He declined comment to the publication about why the insurer is leaving the broker-dealer and RIA business.
Allianz is following its insurance industry peers in doing so, FA magazine writes.