Raymond James nabs $7 billion retirement group from Wells Fargo
The national advisory firm works with institutional clients such as defined-contribution and traditional pension plans.
Raymond James Financial Inc. has landed a multibillion-dollar, national retirement plan consulting team from Wells Fargo Advisors.
Next Retirement Solutions, which advises on $7 billion in assets in a variety of qualified and non-qualified retirement plans, has affiliated with Raymond James Financial Services Inc., Raymond James’ independent broker-dealer supporting around 3,600 advisers, according to an announcement Monday.
Formerly known as Neuner Retirement Services, Next left Wells Fargo Advisors at the end of May. There are seven advisers on the team, with at least three registered support staff. The firm operates in all 50 states, with offices in California, Illinois and Missouri, servicing retirement plans such as 401(k), 403(b) and 457 plans and traditional pensions.
Wells Fargo spokeswoman Rachelle Rowe wasn’t able to provide comment on the departure by press time.
“By partnering with Raymond James, we felt the environment was conducive to implement new ideas and better serve these important relationships,” Paul Neuner, founder of Next Retirement Solutions, said. “We believe with the support provided by Raymond James we can not only add offices and team members, but also provide greater customization and depth and breadth of services.”
Raymond James outshined rival broker-dealer firms in attracting financial advisers during the second quarter this year, amid an overall slowdown in recruitment, according to InvestmentNews data.
Raymond James spokeswoman Anthea Penrose declined to specify aggregate retirement plan assets under advisement among firms affiliating with Raymond James, but said “having a team as large as Next Retirement Solutions join the Raymond James family is significant.”
The firm, through Ms. Penrose, declined to specify how much it generates in annual revenues.
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