Woodbury Financial Services, Inc. is a registered investment advisory firm headquartered in Oakdale, Minn., east of St. Paul. The firm is made up of a network of more than 800 offices around the country featuring nearly 1,300 advisors. Middle-income and wealthy individuals and families turn to the firm for portfolio management and financial planning services, including the creation of a holistic written financial plan. Woodbury Financial Services also works with certain institutions.
The bottom line: This firm offers advisors around the country who provide investment management and financial planning to individuals and institutions.
|Assets under management (AUM): $15,588,360,622|
|Minimum investment: None for financial planning and non-discretionary investment advice; portfolio management starts at $5,500|
|Individual investor to advisor ratio: 40:1|
|Fee structure: A percentage of AUM, hourly charges, fixed fees, other (solicitor/referral fees)|
|Headquarters: 7755 3rd Street North
Oakdale, MN 55128
All information included in this profile is accurate as of February 17, 2022. For more information, please consult Woodbury Financial Services’ website.
We will use this information to find the right advisor near you
Woodbury Financial Services has been registered with the SEC as an investment advisor since 1997, though its roots extend back to 1968, when the business was founded. Today, the firm is a branch of Advisor Group, one of the largest networks of independent wealth management firms in the country. Advisor Group is a subsidiary of Advisor Group Holdings, Inc. The latter is owned primarily by a group of investors through an investment fund affiliated with Reverence Capital Partners LLC. Other firms under the Advisor Group umbrella include FSC Securities Corporation, Royal Alliance Associates and SagePoint Financial.
Woodbury’s advisors can operate as independent contractors and use their own brand names, but receive resources such as investment strategies, technology, back office and regulatory and operational support from the firm. Today, the team at Woodbury Financial Services consists of more than 3,000 employees, with roughly half of them performing investment advisory roles including research. Many employees are also separately licensed as broker-dealers, meaning they can buy and sell securities for commissions. Many also sell insurance and annuity products.
Together, the group oversees more than $15 billion in assets under management, with plans to grow its advisor team around the country.
The bulk of the Woodbury Financial Services’ assets under management comes from individual investors and families. This includes some who are deemed high net worth, which the SEC defines as those with at least $750,000 to invest or a net worth of at least $1.5 million.
The firm also serves select institutions including corporations and businesses, charitable organizations and pension and profit-sharing plans. It can also work with state and municipal government entities and banking or thrift institutions.
Woodbury Financial Services has no minimum investment requirement for many services, including financial planning and consulting, as well as what’s called non-discretionary investment services, where the firm provides investment advice but leaves it up to the client to execute the recommendations. For managed accounts in specific asset allocation models, the investment minimum is $5,500. For your advisor to construct a custom portfolio for you, the minimum investment is $50,000. Requirements to invest with third-party managers vary.
The firm provides its individual and family clients with portfolio management and general investment advice. Clients can choose whether their advisors have control over the daily trading decisions in their accounts, known as discretionary relationships, or they can establish a non-discretionary relationship, meaning advisors provide recommendations on well-suited investments, but it is the client’s responsibility to actually execute the advice.
The team at Woodbury Financial Services also offers financial planning and consulting, where advisors can provide guidance on a myriad of financial topics, including paying for college and saving for retirement.
Here is a rundown of Woodbury Financial Services’ offerings:
Advisors at Woodbury Financial Services take into consideration your objectives, time horizon, risk tolerance, needs and overall financial situation when investing your funds. Clients can opt for their advisors to construct a custom portfolio for their needs, using asset allocation planning software and other tools. Alternatively, advisors can recommend an asset allocation model.
The firm’s asset allocation models consist of the following:
Third-party managers including mutual funds and separately managed accounts are also available. However, remember that not every advisor offers every program, so be sure to inquire with each potential advisor about what services and programs they can provide.
To choose these investments, advisors at Woodbury Financial Services rely on their own philosophies, preferences and analysis; the firm does not require advisors to use a certain analysis approach. That being said, common methods of analysis include:
Fees for portfolio management: For portfolio management, clients can expect to pay an ongoing fee, calculated as a percentage of assets under management. Each of the firm’s advisors negotiates their own rates.
Clients can choose a wrap account, where one bundled fee covers the asset management fee as well as transaction costs. The firm also offers non-wrap accounts, where clients separately pay Woodbury’s management fee as well as per-trade transaction charges. When third-party managers are used, clients also pay them a fee.
Keep in mind that on top of the quarterly fee charged by the advisor, you also may owe internal fees for investments such as mutual funds and ETFs as well as variable annuities.
Fees for financial planning, consulting and non-discretionary investment advice: For financial planning and consulting, as well as non-discretionary investment advice, clients may pay an hourly fee, a fixed fee or an ongoing monthly fee, depending on the work. Hourly fees range from $50 to $300, and fixed or flat fees range from $500 to $10,000 depending on the complexity of the task. Fees are negotiable, but will be listed on your advisory agreement before any planning begins.
Fees for education seminars: Advisors may also offer education seminars for a fee. Sessions may be free or clients could pay up to $300 per session, though group rates are available.
Woodbury Financial Services lists a number of disciplinary actions on its record. For reference, the SEC requires all registered investment advisors to disclose on their Form ADV any legal or disciplinary actions — including criminal, civil and regulatory events — against the firm or its employees or affiliates over the past 10 years that a potential client would find material when evaluating the firm or the integrity of its leaders.
Woodbury Financial Services reports the following events:
Additionally, Woodbury Financial Services discloses many actions against individuals affiliated with the firm, as well as against affiliated firms including Sagepoint Financial, Inc, FSC Securities Corporation and Royal Alliance Associates, Inc. Look up any related firms or individual advisors you’re considering at Investor.gov/CRS.
To learn more about Woodbury Financial Services’ disclosures, visit the firm’s Investment Adviser Public Disclosure (IAPD) page, where you can find its Form ADV and other public disclosures and documents.
Woodbury Financial Services has offices in a number of states, including:
Working with an advisor who is part of Woodbury Financial Services may be appropriate if you’re looking for portfolio management, general investment advice or financial planning in your local area. The firm’s large network means there may be an office near you. Additionally, the low minimum investment requirement means even clients without six figures to invest can find services here.
That said, because Woodbury Financial Services is a network of many independent contractors who use their own brand names, it may be challenging to find these affiliated advisors. Similarly, because advisors set their own fee rates, you won’t know upfront how much you’ll pay without reaching out to each individual advisor. Thus, clients just starting their advisor search or who want to know upfront what they’ll pay may find it less time-consuming to look elsewhere. There are enough advisor options that everyone should be able to find an advisor who meets their unique needs and makes them feel comfortable.
The “Find a Financial Advisor” links contained in this article will direct you to webpages devoted to MagnifyMoney Advisor (“MMA”). After completing a brief questionnaire, you will be matched with certain financial advisers who participate in MMA’s referral program, which may or may not include the investment advisers discussed.