Woodbury Financial Services Acquires Diversified Financial Concepts.Acquisition Positions Leading Independent Broker-Dealer for Continued Growth and Provides Increased Support for Independent Financial Representatives WOODBURY, Minn. -- Woodbury Financial Services, a subsidiary of The Hartford Financial Services Group, Inc. (NYSE NYSE See: New York Stock Exchange : HIG HIG Human immunoglobulin, see there ) and leading independent broker-dealer, has agreed to acquire the assets of Diversified Financial Concepts (DFC DFC - A dataflow language. ["Data Flow Language DFC: Design and Implementation", S. Toshio et al, Systems and Computers in Japan, 20(6):1- 10 (Jun 1989)]. ). DFC is an investment and insurance products' marketing firm affiliated with Woodbury, which is based in Tucson, Arizona. The agreement is expected to close in February. "This acquisition is a win for both firms and our clients, and a natural next step in Woodbury's growth plans," said Woodbury President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Brian Murphy. "We have had an excellent working relationship with DFC since the late 1980s. DFC's high quality financial representatives grow Woodbury across an expanded geography nationwide. In turn, the DFC sales force gains access to Woodbury's independent model, comprehensive support, and performance-based compensation approach." Since being acquired by The Hartford in 2001, Woodbury has been recognized for its growth and success. Woodbury Financial expects 2006 revenue to exceed $230 million, a 35% increase over 2005. Woodbury is a leader in the independent broker/dealer market and plays a strategic role for The Hartford. DFC has approximately 240 employees located in 24 branch offices in 12 states. The organization has over $1 billion of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. and, in 2005, produced $13.5 million in GDC GDC Game Developers Conference GDC General Dental Council GDC Gouvernement du Canada GDC Georgia Department of Corrections GDC Global Data Center GDC Guglielmi Detachable Coil GDC Global Development Center GDC Institute for Genetic Disease Control in Animals , or gross dealer concession Gross Dealer Concession or GDC is the revenue to a brokerage firm when commissioned securities and insurance salespeople sell a product, whether it is an investment like stocks, bonds, or mutual funds, or insurance like life insurance or long term care insurance. , from $205 million in investment product sales. Woodbury Financial Services, part of The Hartford Financial Services Group, Inc. and recent winner of Investment Advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and magazine's 2006 Division IV Broker/Dealer of the Year award, is a broker/dealer with more than 1,900 independent representatives nationwide and 200 home office employees. The Hartford, a Fortune 100 company, is one of the nation's largest financial services and insurance companies, with 2005 revenues of $27.1 billion. The Hartford is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property and casualty insurance. International operations are located in Japan, Brazil and the United Kingdom. The Hartford's Internet address is www.thehartford.com. HIG-L Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our Quarterly Reports on Form 10-Q, our 2005 Annual Report on Form 10-K and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued. |
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