Raymond James and Osaic have each announced new strategic relationships with regional banks, moves that will see both firms broaden their reach and service offerings for clients in Texas and Ohio.
On Thursday, Raymond James announced that its Financial Institutions Division has secured a partnership with Texas Community Bank to support its financial planning and advisory platform.
The bank’s investment arm, TCB Investments, manages about $605 million in client assets and will now offer investment and wealth management services through Raymond James Financial Services. TCB Investments, based in Laredo, includes advisors Luis J. Gonzalez, III and Carlos M. Chapa.
Stephen Kruchten, president of the Financial Institutions Division at Raymond James, said the bank’s commitment to client service was a key factor in the partnership.
“Texas Community Bank has a clear vision and profound dedication to delivering exceptional service to its clients. We’re pleased to be selected to support this talented group of advisors with the robust resources, advanced technology and investment platform that Raymond James is known for,” Kruchten said Thursday.
Oscar Cisneros, senior vice president at Texas Community Bank, noted the expanded capabilities the partnership brings.
“The wealth of solutions and support Raymond James provides will enable TCB Investments to elevate our offerings, enhance our client service capabilities and strategically grow our investment and wealth management program,” Cisneros said.
In May, Raymond James FID announced another significant win as it added a $2.7 billion book of business from a Mississippi-based bank previously with LPL.
Meanwhile, Osaic has announced a new partnership between Savage and Associates, an Osaic-affiliated office of supervisory jurisdiction, and The Union Bank Co.
The agreement transitions roughly $127 million in assets under administration from LPL to Osaic’s network, expanding investment services for Union Bank clients across northwest and central Ohio.
Brian D. Young, president and CEO of The Union Bank Co., said the partnership will help the bank provide higher-end services. “We have almost 190 years of combined experience helping clients, and this agreement extends our ability to provide higher-end services to those we serve,” Young said.
J.R. Toland, president and CEO of Savage and Associates, emphasized the shared values between the organizations. “Our reputation was built on client focus, and this helps us serve with greater impact,” Toland said.
Osaic announced another modest win earlier this week as it helped a Florida-based planning team originally with Valic launch their own firm.
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