Raymond James Financial Institutions Division has added four advisors to Pinnacle Asset Management, the wealth management arm of Raymond James-affiliated Pinnacle Financial Partners.

Together, the group of four registered reps — who joined Pinnacle from Wells Fargo and other firms — managed $678 million in client assets.

The advisors are Scott Southerland, Jeff Cox, Mark Whitley and Josh Holby, who will work out of offices in North Carolina and Georgia.

“Pinnacle is a highly respected bank, and I’m proud of our outstanding 18-year relationship with them as we continue to attract experienced professionals who are looking for a partner that goes well beyond brokerage — a full-service provider that offers the sophisticated, high-touch support to help meet clients’ evolving needs,” said Tim Killgoar, senior vice president and FID national director.

The advisors have varied levels of experience and backgrounds. Southerland will join as senior vice president and financial consultant for Pinnacle in the Winston-Salem, North Carolina, office.

He previously was a wealth manager with BB&T Wealth for 14 years, managing $179 million in client assets. Before that, he was with Consolidated Planning and an internal consultant for Sara Lee Corp.

Cox, who will join Pinnacle’s Atlanta office, was previously with Synovus Securities for 15 years, managing $176 million in client assets. He also spent 11 years with SouthTrust Securities.

Both Whitley and Holby will join Pinnacle’s Charlotte, North Carolina, office and operate as Strategies Capital Advisors. Previously, they were with Wells Fargo , where they managed $323 million in client assets.

Whitley has 20 years of experience, including working with Merrill Lynch Wealth Management. Holby has been in the business 10 years, including at Merrill Lynch.

Each new advisor indicated that the tools Raymond James offered, especially in research and marketing, were a key attraction.

“Raymond James truly understands that not everyone’s the same, so they allow us to use their marketing and social media resources to the fullest,” former Wells Fargo advisor Whitley said in a statement. “This allows us to not just steer away from, but embrace the world we are in now due to COVID-19. The culture, the plethora of resources and the incredible support have been a breath of fresh air.”

In late September, two weeks after announcing layoffs of about 4% of its staff, or roughly 500 workers, as part of its need to cut costs in the face of declining earnings tied to lower interest rates and rising loan-loss provisions, Raymond James said it was merging its investment advisor and custody & clearing businesses into the newly created RIA & Custody Services Division.

With expected growth “in the number of independent RIAs and breakaway advisors, we’re investing in the platform and services to support their evolving needs,” according to Scott Curtis, Private Client Group president at Raymond James.

Raymond James ended the second quarter with 8,155 independent and employee advisors as of June 30. That’s up 251, or about 3%, from a year ago, and seven advisors from the quarter ending March 31.

Across the company, total revenue dropped 5% from a year ago to $1.83 billion as of June 30. Its net income weakened 34% to $172 million, while earnings per share fell 32% to $1.23.

Raymond James will release earnings for the period ending Sept. 30 and its 2020 fiscal year on Oct. 28.

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