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Financial Planning > Behavioral Finance

Fulton Bank Buys Raymond James-Affiliated Wealth Group

By Janet Levaux

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Fulton Bank of Lancaster, Pennsylvania, says it is buying Forney Financial Solutions, a wealth group with some $250 million based in Altoona, Pennsylvania, and affiliated with Raymond James.

Fulton Bank has some $11 billion of assets in its wealth operations, which does business as Fulton Financial Advisors.

“As part of our succession planning, we have searched for almost a year to find a like-minded firm with which to align, and we were delighted to find Fulton,” said John Forney, who founded Forney Financial Solutions with his wife, Sherry, in 2001, in a statement.

“Sherry and I will continue to be involved in providing the best service, with the size and strength of Fulton Financial and our continued relationship with Raymond James supporting those efforts,” he added.

The terms of the deal were not disclosed, but the transaction is expected to be completed in the first quarter of 2019.

According to Curtis Myers, president and chief operating officer of the bank’s parent company, Fulton Financial: “We are pleased to be able to partner with the Forney team to broaden our reach to serve clients in central Pennsylvania. … With the added expertise and world-class products that Fulton Financial Advisors can offer, we feel certain we have created a winning combination — for clients, for the Forney team and for Fulton.”

LPL Adds Power

LPL Financial says Power Investment Services — part of Power Financial Credit Union — has joined its hybrid platform. The credit union’s investment program includes about $130 million of assets and used to be affiliated with CUSO Financial Services.

Power Financial has six branches in South Florida and its investment services are provided by advisors Legna Gonzalez, who has 16 years of industry experience, and Curtis Dabros, who has been an advisor for 18 years, according to FINRA BrokerCheck.

“What really stood out to us about LPL was their integrated technology platform as well as their capabilities to improve and simplify our processes,” according to Gonzalez. “Gaining the time and resources will allow us to add more value to the members we are already working with and extend our services to more members.”

Craig Kamis, LPL’s head of Institutional Business Development, explained in a statement: “We offer the investment solutions, wealth management platform and consultative support that can help financial institutions capitalize on their potential. We are proud that Power Investment Services saw that in us, and we will work to continue to provide the team with the tools and resources that can help them grow their business and support their members.”

Janet Levaux

@Think_JanetL

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