Raymond James and Pinnacle Financial Partners on Thursday announced an expansion of their relationship that the firms said will bring about 70 advisors now registered with Synovus Securities to the Raymond James platform.
The advisors will join the existing relationship between Pinnacle Asset Management and Raymond James Financial Services, the firm’s independent advisor channel, bringing about $18.7 billion in client assets with them.
The transition, expected to finish in May, follows the January combination of Pinnacle and Synovus Financial, the companies said.
On Jan. 2, Pinnacle announced the completion of a previously announced merger of Tennessee-based Pinnacle Financial Partners and Georgia-based Synovus Financial. The combined firm now operates as one bank holding company under the name Pinnacle Financial Partners.
The advisors serve clients across the combined firm’s 10-state footprint and beyond, and will continue to provide service through the transition, according to Pinnacle. For clients, the transition is designed to provide continuity in their advisor relationships while connecting the expanded team to Raymond James’ capabilities.
“This is a significant and highly strategic expansion of our longstanding relationship with Pinnacle Financial Partners,” Stephen Kruchten, President of Raymond James’ Financial Institutions Division, said in a press release.
“Pinnacle Asset Management has built one of the industry’s most respected wealth management programs, and we’re proud to have played a meaningful role in supporting that success.”
Kruchten added, “As we move forward with this substantial program expansion, we remain focused on providing the dedicated relationship management, advisor development resources, industry-leading technology and broad capabilities of Raymond James to help their advisors enhance productivity, deepen client relationships and drive long-term growth.”
“Our relationship with Raymond James is a key reason why we’re able to serve clients across their financial lives,” Wayne Akins, Head of Wealth Management at Pinnacle, said in the press release.
Akins added, “As we considered the right path for Synovus Securities, Inc. advisors and their clients, Raymond James stood out for its experience serving financial institutions with robust advisor support and broad capabilities.”
He concluded, “Bringing these teams into our existing relationship gives us a consistent foundation for wealth management across the combined firm and marks another important step in bringing Pinnacle and Synovus together.”
Raymond James had total client assets of about $1.94 trillion as of Sept. 30, it said.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
