InvestmentNews reported in its advisor moves roundup that Raymond James has landed a team managing $700 million in client assets that had been at Truist Investment Services in Naples, Florida. According to Financial Advisor magazine, the team is moving to Pinnacle Asset Management, the wealth arm of Pinnacle Financial Partners and an affiliate of Raymond James's Financial Institutions Division, known as FID. The $700 million figure is assets under management, not a price or revenue number.
Financial Advisor magazine identified the group as Brown, Taylor, Shaw & Associates. The team consists of advisors Darrell Brown, Mark Taylor and Jonathan Shaw, along with client service associate Erin Powers-Westendorf, and serves clients in Southwest Florida.
All three advisors previously worked at SunTrust Investment Services before it merged with Truist. Financial Advisor magazine reported that Brown started at the firm in 1998, Taylor in 2007 and Shaw in 2012. Those start dates are the only tenure details in the reporting reviewed for this article.
According to the same magazine report, Pinnacle Asset Management dates to 2000, and it took on its role as the affiliated wealth unit of Pinnacle after joining FID in 2020. According to the same magazine report, Raymond James created FID in 1987 as a option for banks and credit unions seeking something other than third-party investment providers.
A third-party directory lists a Raymond James office at 780 5th Ave S in Naples with $902 million in assets under management. That figure describes the office, not the team that moved, and it should not be read as the team's own assets.
The Naples move is not Raymond James's first Truist-linked recruit in Florida. Financial Advisor magazine earlier reported that Raymond James Financial Services, the independent channel, took on a three-advisor group carrying $430 million from Truist, which had first been with Fortuna Wealth. InvestmentNews separately reported that Horizon Group, a five-advisor team managing about $947 million at Truist, joined Pinnacle in Ponte Vedra, Florida.
Truist's Naples departures have drawn other buyers as well. AdvisorHub reported, citing a source, that Rockefeller Global Family Office hired the Kellam Group, a former Truist team in Naples, and put its assets at $1.2 billion. Financial Advisor magazine put the same hire at $992 million, citing a Forbes listing, so the reported figures conflict.
The reporting reviewed for this article does not give a closing date for the Raymond James move or describe how the team's clients will be handled during the transition. Readers should treat the Naples figures as the numbers reported by the cited outlets rather than as independently verified totals.