ST. PETERSBURG, Fla. – Raymond James Financial Institutions Division (FID) recently welcomed the advisors at Bristol Wealth Group – the wealth management arm of Bristol County Savings Bank in Taunton, Massachusetts – to the firm’s growing division, according to Tim Killgoar, senior vice president and head of FID. Bristol Wealth Group is a joint venture recently formed by Bristol County Savings Bank (BCSB) and current Raymond James Financial Services advisor Lou Ricciardi, who leads the Ricciardi Financial Group.
As a result of the merger, the advisors at Bristol Wealth Group will now offer investment and wealth management services to their clients through Raymond James Financial Services, Inc., member FINRA/SIPC. Collectively, the advisors now manage approximately $700 million in assets and serve more than 1,000 clients throughout Massachusetts and Rhode Island.
“Raymond James’ Financial Institutions Division continues to grow with the addition of exceptional programs like Bristol Wealth Group,” said Killgoar. “I am pleased that Bristol County Savings Bank and Lou Ricciardi discovered the benefits that partnering with FID have for both their advisors and their clients, and we look forward to providing the support they need in their joint venture and as they grow their program.”
Established in 2007, the bank's wealth management program, previously named the Financial Advisory Services division, provides wealth management, investment and trust administration services. The division's existing team will join Bristol Wealth Group, where they will help manage Ricciardi’s legacy business (more than $400 million in assets) and the bank’s legacy business (more than $290 million in assets).
Ricciardi, CEO of Bristol Wealth Group and owner/president of Ricciardi Financial Group, joined Raymond James’ Independent Contractors Division in 2009. He has served on the bank’s Board of Directors for more than 25 years, and through this joint venture, is now an equal owner and the program manager for Bristol Wealth Group. His practice includes three additional financial advisors.
“After months of planning and due diligence, we are confident that our joint venture with Ricciardi Financial Group and our advisors’ relationship with Raymond James Financial Institutions Division will provide our clients the exceptional products and services required to satisfy all of their investment needs from a locally-owned and controlled independent wealth management advisor,” said Patrick J. Murray, Jr., President and CEO of Bristol County Savings Bank. “We look forward to a seamless transition as our clients will continue to be served by a financial advisory group with which they are familiar but now with the added value of Bristol Wealth Group’s advisors’ affiliation with Raymond James, one of the most highly regarded and well capitalized, independent broker-dealers in North America.”
“With similar cultures focused on the customer and a shared history of working together on behalf of the communities we serve, our new venture is focused on further strengthening our customer relationships and maximizing the strategies and tools available in pursuit of meeting our clients’ financial goals,” said Ricciardi. “I’m confident that our financial strength, in combination with the leading edge investment and technology platforms at Raymond James, will firmly position the advisors at Bristol Wealth Group as service leaders from the start.”
About the Financial Institutions Division
The Financial Institutions Division was established by Raymond James in 1987 to provide banks and credit unions with an alternative to traditional third-party investment providers. Raymond James provides full-service securities brokerage and advisory services to financial institutions seeking to compete with the largest banks and securities firms in the country. In addition to a full complement of investment products and services, Raymond James has the ability to deliver investment banking, public finance, research, self-clearing capabilities and wealth management services to both individuals and institutions.
Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC, an independent broker/dealer, and are not insured by bank insurance, the FDIC/NCUA or any other government agency, are not deposits or obligations of the bank, are not guaranteed by the bank, and are subject to risks, including he possible loss of principal.
Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Bristol Wealth Group, Bristol County Savings Bank, and the Ricciardi Financial Group are not registered broker/dealers and are independent of Raymond James Financial Services.
About Raymond James Financial Services
Raymond James Financial Services, Inc. is a financial services firm supporting more than 4,400 independent financial advisors nationwide. Since 1974, Raymond James Financial Services Inc., member FINRA/SIPC, has provided a wide range of investment and wealth planning related services through its affiliate, Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. Both broker/dealers are wholly owned subsidiaries of Raymond James Financial, Inc. (NYSE-RJF) a leading diversified financial services company with approximately 7,500 financial advisors in 3,000 locations throughout the United States, Canada and overseas. Total client assets are $727 billion.