A team of 16 financial advisors that managed more than $2.6 billion in client assets at Securian Financial Services has joined Raymond James's independent advisor channel, Bill Counsman, director for the Raymond James Financial Services Western division, said Monday.
The Summit Financial Group is based in San Ramon, California, and provides comprehensive planning and wealth management services to its clients with a focus on serving business owners.
Also joining RJFS are 23 Summit Financial Group branch professionals, Raymond James said.
The move comes after Cetera Financial Group's recent announcement that it completed its acquisition of the retail wealth and trust business of Securian Financial Group.
More than 91% of invited Securian financial professionals, representing almost $50 billion in client assets, opted to join Cetera, "in line with Cetera's transition projections" but exceeding the $47 billion previously projected, Cetera said.
It wasn't clear on Tuesday if Securian's acquisition played a role in the Summit team's decision to leave and join Raymond James.
