Exhibit 99.1
N E W S R E L E A S E
[Logo]PHOENIX
The Phoenix Companies, Inc. [Logo] LPL
FINANCIAL
SERVICES
Linsco/Private Ledger
Member NASD/SIPC
One American Row
PO Box 5056 9785 Towne Centre Drive
Hartford CT 06102-5056 San Diego, CA 92121-1968
PhoenixWealthManagement.com www.lpl.com
For: Immediate Release
Contacts:
The Phoenix Companies, Inc. Linsco/private Ledger
Media Relations: Andrea Budd, 860-403-6442 Media Relations: Wt Blase & Associates,
Investor Relations: Peter A. Hofmann, 860-403-7100 Bill Blase, 212-221-1079
LPL TO ACQUIRE PHOENIX'S RETAIL BROKER/DEALER OPERATIONS
Supports Firms' Core Businesses
LPL Gains Distribution, Insurance Expertise
Phoenix Focuses on Manufacturing
HARTFORD, Conn., and SAN DIEGO, March 23, 2004 - The Phoenix Companies, Inc. (NYSE: PNX) and
Linsco/Private Ledger (LPL Financial Services) today announced that they have signed a definitive
agreement for LPL to acquire Phoenix's retail broker/dealer operations. Phoenix and LPL also will enter
into a marketing agreement under which Phoenix will have the opportunity to distribute its products
through LPL's representatives.
As part of the transaction, advisors affiliated with WS Griffith Securities, Inc. ("Griffith") and
Main Street Management Company ("Main Street") will transition to LPL as independent registered
representatives. The transaction, which is subject to regulatory approvals and other customary closing
conditions, is expected to close on or about June 1, 2004. Terms of the transaction were not disclosed.
"We are excited to have the opportunity to welcome Griffith's and Main Street's expert financial
advisors to LPL," said Todd Robinson, chairman and chief executive officer of Linsco/Private Ledger. "We
believe LPL offers these advisors an excellent platform to grow their business. In addition, this move
will strengthen our ability to leverage Phoenix's life, annuity and asset management products and
expertise to enhance our high-net-worth services," Mr. Robinson said.
Dona D. Young, chairman, president and chief executive officer of The Phoenix Companies, said, "This
action underscores Phoenix's continuing focus on executing its business strategy while providing
Griffith's and Main Street's advisors the opportunity to join a dynamic, growing organization. We have had
a long-
- more -
standing relationship with LPL, particularly in our asset management business. This agreement will
allow us to broaden our product offerings and expand our support to LPL's representatives, which furthers
our long-term growth strategy.
"We are pleased that this agreement gives us the ability to continue to work with the outstanding
advisors at both Griffith and Main Street, as well as to align them with such a high caliber
organization," Mrs. Young added.
Mrs. Young noted that this action essentially completes the transformation of Phoenix as a pure
manufacturer of life, annuity and asset management products and services for affluent and high-net-worth
individuals and enables it to focus its efforts on serving its third party advisors. The move also
supports Phoenix's ongoing efforts to reduce its annualized expenses and fixed costs. The company expects
to realize an annualized net pre-tax earnings benefit of $10 million or more on a generally accepted
accounting practices basis. In addition, it expects to incur restructuring and transaction-related charges
of approximately $8 million after tax over the first three quarters of 2004.
Griffith has main offices in Hartford and back offices in San Diego, 22 field offices throughout the
United States, and 747 investment advice professionals. Much of Griffith's back office in San Diego will
be consolidated into LPL's back office operations, also located in San Diego. Main Street, which is based
in Wallingford, Connecticut, has 270 advisors.
The Phoenix Companies, Inc. will host a conference call today at 9:00 a.m. Eastern time to discuss the
LPL transaction with the investment community. The conference call will be broadcast live over the
Internet at www.PhoenixWealthManagement.com in the Investor Relations section. To listen to the live call,
please go to the Web site at least fifteen minutes prior to register, download and install any necessary
audio software. The call can also be accessed by telephone at 1-973-321-1020. A replay of the call will be
available through April 6, 2004 by telephone at 1-973-341-3080 (passcode 4631178) and on Phoenix's Web
site, www.PhoenixWealthManagement.com in the Investor Relations section.
The Phoenix Companies, Inc. is a leading provider of wealth management products and services to
individuals and institutions. Through a variety of advisors and financial services firms, Phoenix helps
the affluent and high net worth accumulate, preserve and transfer their wealth with an innovative
portfolio of life insurance, annuity and asset management products and services. Phoenix has corporate
offices in Hartford, Conn.
Linsco/Private Ledger is committed to providing its representatives with the technology, research and
non-proprietary investment programs needed to offer clients the highest quality of investment advice. LPL
is the nation's number one independent broker/dealer,* with over 900 staff members headquartered in Boston
and San Diego. LPL has over 5,100 investment professionals in branch offices throughout the United States
and custodied assets in excess of $65 billion. For additional information about LPL, visit www.lpl.com.
*Based on previous year's revenues as reported in Financial Planning magazine, June 2003.
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