Raymond James adds $400M bank team to its financial institutions division

Raymond James adds $400M bank team to its financial institutions division
Texas group had formerly been affiliated with Cetera.
AUG 08, 2016
A team of advisers providing financial advice through a Texas bank has moved from Cetera Investment Services to Raymond James' financial institutions division. The group of seven advisers and seven assistants at First Financial Bank in Abilene, Texas, was affiliated with Cetera for 18 years, according to a statement released Tuesday by Raymond James. Combined, they managed more than $400 million in assets. "We look forward to providing the support they need as they continue to expand their investment program and offerings throughout Texas," John W. Houston, managing director of the financial institutions division at Raymond James, said in the statement. The move will allow First Financial Bank to provide its clients with more innovative financial products, Ronald Butler, executive vice president and chief administrative officer at the bank, said in the statement. First Financial Brokerage Services, the bank's investment arm, is the second team to join Raymond James' financial institutions division in the last three weeks. Cetera was not immediately available to comment on the move.

Latest News

Trump account confusion is widespread among parents — and advisors have an opening
Trump account confusion is widespread among parents — and advisors have an opening

Only 7% of U.S. parents are "very confident" they understand how the Trump accounts work, says Omni Calculator

Receiver sues to recover alleged Traders Domain Ponzi profits
Receiver sues to recover alleged Traders Domain Ponzi profits

One transfer alone came to $5.6m, and the receiver says none of it was real profit.

SEC accuses S2A Modular founders of alleged $65 million investor fraud
SEC accuses S2A Modular founders of alleged $65 million investor fraud

Investors chose which factory to fund - the SEC says the money went elsewhere.

Ameriprise gets narrow relief from FINRA panel in latest recruiting dispute with LPL
Ameriprise gets narrow relief from FINRA panel in latest recruiting dispute with LPL

Ameriprise and LPL Financial for the past few years have engaged in a financial advice trade war.

Am I stuck? Rethinking career mobility at every stage
Am I stuck? Rethinking career mobility at every stage

Why advisors at every stage may have more leverage, flexibility, and strategic options than they realize.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income