A Calif.-based team of advisors with more than $2.6 billion in managed client assets is joining Raymond James’ indie advisor channel from Securian Financial Services.
The transition comes just a few weeks after Cetera’s deal to purchase Securian’s wealth business closed.
Summit Financial Group consists of 16 advisors and 23 branch professionals, and will join Raymond James Financial Services (RJFS), the firm’s indie advisor channel. RJFS Western Division Director Bill Counsman said the business was excited that RayJay’s “suite of services, research intelligence and culture of independence” attracted the team.
“The quality of service they provide, in addition to client-first values we share, have made for a natural alignment in our partnership,” Counsman said.
Summit is based in San Ramon, Calif., and offers wealth planning and management services, with an emphasis on working with business owners. Nathan Bennett, a partner and advisor with Summit, said the team underwent a “strenuous due diligence process,” with Raymond James coming out on top.
“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 said.
In January, Cetera announced it would purchase Securian’s retail wealth business, including its broker/dealer and RIA, as well as the equity in Securian Trust Company, which would allow Cetera-affiliated advisors to distribute Securian life and annuity products.
The deal closed in early August, with Cetera reporting that more than nine out of ten Securian Financial advisors made the switch, which reportedly matched Cetera’s initial projections (the advisors joining Cetera represented about $50 billion in managed assets, according to Cetera).
One of the deal’s sticking points was that many of Securian’s reps were considered statutory employees of the insurance company, with benefits including health, dental and vision insurance that wouldn’t be available with Cetera. This led Cetera to boost retention packages to try and keep advisors in the fold.
SUMMIT TK
Summit Financial Group is not the only team that fled Securian in the wake of the Cetera acquisition. In April, the Toldeo, Ohio-based Financial Design Group, an office of supervisory jurisdiction with $850 million in assets under management (AUM), joined LPL.
In June, Foundations Financial Planners, a Doylestown, Penn.-based firm with $881 million in AUM, left for Commonwealth, while Advanced Benefit Systems also left for LPL in July. According to Jerry Kanter and Scott Mason, the duo of advisors making up the $200 million Calif.-based team, said the move was prompted by Cetera’s acquisition.
