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Prosperity Bank moves $600M program to Raymond James

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Houston-based Prosperity Bank has ditched its third-party broker dealer for Raymond James.

The institution will look to its new service provider to expand its investment offerings to clients throughout Texas and Oklahoma, Raymond James said in an announcement on Tuesday.
The bank's investment services program employs a program manager and nine financial advisers who collectively manage more than $600 million in client assets, according to Raymond James.

The bank previously used Cetera as its third-party broker dealer.

Prosperity Bank was impressed with Raymond James' dedication to client service as well as its recognition in the marketplace and financial stability, the bank's president of Wealth Management, Kelly Park, said in a statement.

Prosperity Bank operates about 230 branches across Texas and about 15 more in Oklahoma. The parent company is a $22.3 billion institution.

"Exceptional client service remains at the core of both of our businesses, and we're pleased that Prosperity chose to partner with us for continued support," Tim Killgoar, head of the Raymond James Financial Institutions Division, said.

Prosperity Bank is the third bank this year to drop Cetera as its third-party broker dealer. The firm lost Bell Bank's $780 million program in March and First Interstate Bank's $810 million program in January. Both programs moved to LPL.

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