Listed national financial services player, The Hartford Financial Services Group, announced yesterday the acquisition of Diversified Financi...

Listed national financial services player, The Hartford Financial Services Group, announced yesterday the acquisition of Diversified Financial Concepts, a wealth advisory network with $1 billion in assets and 240 employees in 12 branches, through its broker/dealer subsidiary, Woodbury Financial Services, for an undisclosed sum. The purchase provided Woodbury with a greater exposure to the west coast, particularly Northern California and the Rocky Mountains region where Diversified Financial Concepts was highly concentrated, said a Woodbury spokeswoman. The spokeswoman described the purchase as “an evolution of a relationship” between the two advisory and broking networks that have been “affiliated” since the mid-1980s and combined have more than 2,000 representatives nationwide. In 2005 DFC produced $13.5 million in gross dealer concession from $205 million in investment product sales, according to the group. The spokeswoman said the deal was the result of a succession plan executed by the retiring directors of Diversified Financial Concepts. Woodbury was acquired by diversified listed financial services company, The Hartford, in 2001. According to Woodbury President and chief executive Brian Murphy, the broker/dealer subsidiary expects 2006 revenue to exceed $230 million, a 35 per cent increase over 2005.