Woodbury Financial Services

Woodbury Financial Services 500 Bielenberg Drive; Woodbury, MN 55125800-800-2000www.woodburyfinancial.com Number of Back-Office Employees: 259 Number of advisors: 1,700 Total Client Assets Under Management: $3.97 billion Advisors' Average Length of Service (in industry): N/A Total Revenue 2007: $270.2 million Revenue from Commissions 2007: $237.6 million Revenue from Fees 2007: $13.9 million Average

Woodbury Financial Services

500 Bielenberg Drive; Woodbury, MN 55125
800-800-2000
www.woodburyfinancial.com

Number of Back-Office Employees: 259

Number of advisors: 1,700

Total Client Assets Under Management: $3.97 billion

Advisors' Average Length of Service (in industry): N/A

Total Revenue 2007: $270.2 million

Revenue from Commissions 2007: $237.6 million

Revenue from Fees 2007: $13.9 million

Average AUM per Rep: $2.3 million

Average Payout per Rep: 90%

Average Production per Rep: $143,000

Number of Dually Registered Reps: 597

Registered Rep.: Why would a wirehouse rep want to leave his firm to join yours?

Walter White: The opportunity to own your own business and build equity based on your own hard work. We wrap everything — including competitive products, technology, and service — into a culture of relationships and personal support, so independence does not result in isolation.

RR: Other than your own, of course, which other independent broker/dealers are you impressed with and why?

WW: Firms that share Woodbury's belief in the importance of independent, objective, local registered representatives. Two firms I particularly admire are Commonwealth and Cambridge.

RR: Least favorite compliance rule?

WW: Although well-intentioned, the voluminous nature of client disclosures has compromised their effectiveness.

RR: Are your affiliated advisors fee-based or mostly commission/transaction advisors?

WW: Our revenue is primarily commission-based, but fee-based products are our fastest growing revenue source.

RR: How many of your reps are dually registered? Is that number growing or not?

WW: 950, a 26-percent increase from March of last year.

RR: The most expensive aspect of running your independent broker/dealer firm in 2007?

WW: Providing an exceptional package of tools, support, and incentives to recruit and retain strong field relationships.

RR: Your recruiting goals through 2008 and beyond?

WW: Targeted growth. Woodbury seeks reps who want to build sustainable businesses, maintain long-term client relationships across a broad range of financial-service needs, and have an interdependent relationship with the home office.

RR: What are you thoughts on upfront bonuses?

WW: It is difficult and expensive to switch b/ds; some form of transition support from the new firm is often warranted.

RR: The ideal advisor is? (Three words or less.)

WW: Independent, objective, local.

RR: Biggest challenge in 2008 for the independent channel and your firm?

WW: Continuing to grow rapidly, but maintaining a culture of high-touch, interactive field relationships.

RR: The best technology investment your firm has made?

WW: Web services we developed for recruiting purposes and supporting Woodbury reps.

RR: Best advice you can give a wirehouse rep thinking about going independent?

WW: Focus on long-term vision and benefits for your business, but prepare to overcome some unforeseen challenges. Don't be overly distracted by the noise and uncertainty of short-term issues.

RR: What challenges will you face over the next five years?

WW: Maintaining our culture. Helping reps understand the distinction between a sustainable business and a rewarding vocation, including the need to develop a succession plan.

RR: If you could meet one business-related figure, dead or alive, who would it be, and what would you ask?

WW: Leon Leonwood Bean, the founder of L.L.Bean. How do you remain competitive in a changing market without compromising core values?

RR: In 10 years, your firm will be?

WW: The best choice for financial advisors seeking independence, sustainable growth, high-touch support, and most importantly, an opportunity to affiliate with their most accomplished peers in the industry.

RR: A book every financial advisor should read?

WW: The Intelligent Investor by Benjamin Graham.

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