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Raymond James will add $18.7 billion and 70 advisors to its Financial Institutions Division, the unit dedicated to bank and credit union advisors, as an existing FID program merges with Synovus Financial Corp.
The deal expands Pinnacle Financial Partners’ relationship with Raymond James, as it merges Synovus Securities and Pinnacle Asset Management, the firm’s asset and wealth management division. The advisors are expected to transition in May 2027.
“This is a significant and highly strategic expansion of our longstanding relationship with Pinnacle Financial Partners,” said Stephen Kruchten, president of FID, in a statement. “As we move forward with this substantial program expansion, we remain focused on providing the dedicated relationship management, advisor development resources, industry-leading technology and broad capabilities of Raymond James to help their advisors enhance productivity, deepen client relationships and drive long-term growth.”
“Bringing these teams into our existing relationship gives us a consistent foundation for wealth management across the combined firm and marks another important step in bringing Pinnacle and Synovus together,” said Wayne Akins, head of wealth management at Pinnacle.
This follows news in October that Raymond James recruited a team of advisors in Southwest Florida to FID. The team, which manages about $700 million in client assets, also joined Pinnacle Financial Partners’ investment program, and came from Truist Investment Services.
The firm recently posted record quarterly client assets and strong recruiting gains across its advisor channels, with CEO Paul Shoukry crediting flexibility in affiliation options for the growth.