Raymond James bags nearly $1B in assets with ex-Truist team

Joining the financial institutions division, the group of advisors and branch professionals strengthens the wealth giant’s presence in Florida.

Raymond James has acquired a beefy book of nearly $1 billion in client assets through a new addition to its financial institutions division.

The national broker-dealer announced Thursday that it has welcomed another team of financial advisors and branch professionals at Pinnacle Asset Management, a division of Pinnacle Financial Partners.

The Horizon Group, previously with Truist, will now operate from Pinnacle’s new office in Ponte Vedra, Florida. The team managed close to $947 million in client assets at their former firm.

The advisors joining Pinnacle include Christopher Sivley, Matt Turner, Melissa Churchwell, Jamie Rowell, and Wesley Thomas. They will be supported by client services manager Amber Bennett and client relationship consultants Brad Melvin, Nick Gillespie, and Marlo Thomas-Bailey.

“Our team is thrilled to join Raymond James and Pinnacle Asset Management, both of which have consistently demonstrated top-tier performance within the financial services industry,” Turner said in a statement.

“Ultimately, our team’s decision was driven by a multitude of potential benefits for our practice and clients, including access to leading-edge technology, robust product offerings and steadfast focus on high-net-worth financial planning,” said Turner, who’s been registered in the industry for 17 years.

According to Stephen Kruchten, senior vice president and national director of FID, this team will provide financial planning and wealth management services through Raymond James’s independent advisor arm, Raymond James Financial Services.

Oliver Mansour, South division director of Raymond James’s FID, expects the “quality, client-focused advisor team” will see a measurable impact from the transition.

“Through strategic partnerships with financial institutions, the Raymond James platform is able to empower the growth of advisors’ practices and the investment program as a whole … through access to sophisticated capabilities,” Mansour said.

Associated with Raymond James Financial Services, Pinnacle Asset Management offers a comprehensive suite of investment products to clients across Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia.