Home Wealth Management $2.6. Billion Group Joins Raymond James From Securian

$2.6. Billion Group Joins Raymond James From Securian

$2.6. Billion Group Joins Raymond James From Securian


A Calif.-based crew of advisors with greater than $2.6 billion in managed consumer property is becoming a member of Raymond James’ indie advisor channel from Securian Monetary Companies.

The transition comes only a few weeks after Cetera’s deal to buy Securian’s wealth enterprise closed.

Summit Monetary Group consists of 16 advisors and 23 department professionals, and can be part of Raymond James Monetary Companies (RJFS), the agency’s indie advisor channel. RJFS Western Division Director Invoice Counsman stated the enterprise was excited that RayJay’s “suite of providers, analysis intelligence and tradition of independence” attracted the crew.

“The standard of service they supply, along with client-first values we share, have made for a pure alignment in our partnership,” Counsman stated.

Summit is predicated in San Ramon, Calif., and provides wealth planning and administration providers, with an emphasis on working with enterprise house owners. Nathan Bennett, a companion and advisor with Summit, stated the crew underwent a “strenuous due diligence course of,” with Raymond James popping out on high.

“The agency has the built-in know-how that permits us to serve purchasers at a excessive stage and the horsepower to assist ship options in essentially the most advanced monetary conditions,” Bennett stated.

In January, Cetera introduced it could buy Securian’s retail wealth enterprise, together with its dealer/supplier and RIA, in addition to the fairness in Securian Belief Firm, which might permit Cetera-affiliated advisors to distribute Securian life and annuity merchandise. 

The deal closed in early August, with Cetera reporting that greater than 9 out of ten Securian Monetary advisors made the swap, which reportedly matched Cetera’s preliminary projections (the advisors becoming a member of Cetera represented about $50 billion in managed property, in keeping with Cetera). 

One of many deal’s sticking factors was that lots of Securian’s reps have been thought-about statutory staff of the insurance coverage firm, with advantages together with well being, dental and imaginative and prescient insurance coverage that wouldn’t be out there with Cetera. This led Cetera to spice up retention packages to attempt to preserve advisors within the fold.


Summit Monetary Group just isn’t the one crew that fled Securian within the wake of the Cetera acquisition. In April, the Toldeo, Ohio-based Monetary Design Group, an workplace of supervisory jurisdiction with $850 million in property underneath administration (AUM), joined LPL. 

In June, Foundations Monetary Planners, a Doylestown, Penn.-based agency with $881 million in AUM, left for Commonwealth, whereas Superior Profit Techniques additionally left for LPL in July. In accordance with Jerry Kanter and Scott Mason, the duo of advisors making up the $200 million Calif.-based crew, stated the transfer was prompted by Cetera’s acquisition.



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