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Hartford Financial Services Group Inc. (HIG) announced yesterday that it intends to sell independent broker-dealer Woodbury Financial Services.  An active mergers & acquisitions market should provide Hartford with a host of willing buyers, industry experts said, but the move came as a surprise to Woodbury reps.  Along with putting Woodbury on the block, HIG also said it is exiting the annuity business and intends to sell portions of its life insurance operation.

Woodbury Financial Services has hired Gary Bender, former senior vice president and director of recruiting at Royal Alliance, as vice president of acquisition and retention. Bender will report to Woodbury president Patrick H. McEvoy and be responsible for implementing the firm’s growth strategy.

“Gary has earned his reputation as one of the best business-building experts in the independent broker-dealer industry,” McEvoy said. “ His broad industry knowledge and exceptional recruiting skills give us a rare opportunity to accelerate Woodbury’s growth trajectory and become a firm that appeals to the country’s most successful advisor practices.”