Great Western Bank has selected Raymond James as its new third-party broker-dealer after a five-year relationship with Cetera.
The regional bank based in Sioux Falls, South Dakota, is looking to broaden its wealth management offerings and recruit additional financial advisers, said Tim Killgoar, head of Raymond James' Financial Institutions Division.
Great Western's investment services program employs 17 advisers, who collectively manage approximately $750 million in client assets, according to Raymond James. The program also has eight support staff members.
The bank cited Raymond James' commitment to technology, assistance in recruiting and "robust compliance support" as critical factors in its selection of the firm. "Raymond James was by far the best broker-dealer platform we reviewed," Joe Heffernan, president of Great Western Bank Wealth Management, said in a statement.
Great Western last year acquired Home Federal Bank, a former Raymond James client that was also headquartered in Sioux Falls. It has offered brokerage, insurance and investment management services for 20 years.
The bank has $11.5 billion in total assets and operates more than 170 branches across Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota.
"We look forward to providing the powerful service and support they can expect from Raymond James," Killgoar said in a statement.
Great Western is the fifth bank to join Raymond James' broker-dealer network this year. Prosperity Bank, First Hawaiian Bank, Athens Federal Community Bank and Adroscoggin Bank all switched their programs to Raymond James, giving the third-party broker-dealer at least an additional $801 million in client assets.
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