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Raymond James’ headquarters in St. Petersburg, Florida

Practice Management > Building Your Business > Recruiting

Raymond James Adds $2.6B Securian Team

By Jeff Berman

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A team of 16 financial advisors that managed more than $2.6 billion in client assets at Securian Financial Services has joined Raymond James’s independent advisor channel, Bill Counsman, director for the Raymond James Financial Services Western division, said Monday.

The Summit Financial Group is based in San Ramon, California, and provides comprehensive planning and wealth management services to its clients with a focus on serving business owners.

Also joining RJFS are 23 Summit Financial Group branch professionals, Raymond James said.

The move comes after Cetera Financial Group’s recent announcement that it completed its acquisition of the retail wealth and trust business of Securian Financial Group.

More than 91% of invited Securian financial professionals, representing almost $50 billion in client assets, opted to join Cetera, “in line with Cetera’s transition projections” but exceeding the $47 billion previously projected, Cetera said.

It wasn’t clear on Tuesday if Securian’s acquisition played a role in the Summit team’s decision to leave and join Raymond James.

Raymond James and Cetera didn’t immediately respond to requests for comment on Tuesday.

The quality of service that the Summit team provides, “in addition to client-first values we share, have made for a natural alignment in our partnership,” Counsman said Monday.

“After a strenuous due diligence process, Raymond James became our top choice because of its resources, client-first culture, and the caliber of people in leadership,” said Nathan Bennett, one of the Summit partners.

“The firm has the integrated technology that allows us to serve clients at a high level and the horsepower to help deliver solutions in the most complex financial situations,” Bennett added.

Raymond James has about 8,700 financial advisors throughout the U.S., Canada and overseas, who managed total client assets of about $1.31 trillion as of July 31, it said.

Pictured: Raymond James’ headquarters in St. Petersburg, Florida.

Jeff Berman

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