Raymond James lures adviser team managing more than $1B

A Fort Lauderdale, Fla.-based team of financial advisers with more than $1 billion in assets is linking up with Raymond James, the broker-dealer said on Thursday. Provenance Wealth Advisors LLC's 10 advisers and 14 registered associates earned more than $5.4 million in annual fees and commissions last year, according to Scott Curtis, president of Raymond James Financial Services Inc. PWA is owned by Eric Zeitlin, Todd Moll, Lee Hediger and Scott Montgomery. The firm was founded in 2000 and has offices in Boca Raton, Fla., Miami and Cincinnati. In a statement, Mr. Moll said his group looked at more than 15 firms across the country before deciding on Raymond James. They were previously affiliated with Walnut Street Securities Inc., which was bought and absorbed by Cetera Advisor Networks LLC this year. Raymond James has netted $1.7 billion in new managed assets from five new adviser affiliates this year, according to self-reported data collected by the InvestmentNews Advisers on the Move database.