Memphis, Tenn.-based Fountain Financial Group, managing $832 million in client assets, has partnered with Pinnacle Asset Management, the wealth management arm of Pinnacle Financial Partners, an affiliate of Raymond James Financial Institutions Division (FID), to join the St. Petersburg, Fla.-based Raymond James Financial Services platform, the companies said.

“FID’s steady growth, combined with its client partners’ ability to attract top advisors, reflects the expanding need this important business model addresses in the market,” Scott Curtis, Private Client Group president, said in a prepared statement. “I’m looking forward to the continued growth and success of our client partners, including Pinnacle Financial Partners, their advisors and valued clients.”

According to spokesperson Justin Mayfield, the firm’s Private Client Group Curtis leads includes multiple affiliation models, including Raymond James & Associates (RJA), Alex.Brown (employee advisors) and Raymond James Financial Services (RJFS) for independent advisors. RJFS provides commission-based services through registered representatives in two divisions: the Independent Contractors Division (ICD) and the Financial Institutions Division (FID). Mayfield said that ICD offices are independent establishments aligned with RJFS, while FID offices are primarily located in banks and credit unions nationwide.

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. 

Formerly with First Horizon Advisors Inc., Fountain Financial Group’s nine-member team includes advisors Eric Fountain, Ben Nicol, Todd Ruston, Zach Wiggs, and Wendy Fuller VanCleve, J.D. Joining them are CPA Paige Wiliams, investment representative Jennifer Brown, and junior advisors Kaleb Simington and Hailey Williams. Together, they serve a clientele that includes families and individuals preparing for retirement to corporate executives and healthcare professionals.

As a division of Pinnacle Financial Partners, Pinnacle Asset Management’s financial associates, which now includes Fountain Financial Group, are affiliated with Raymond James Financial Services. They have access to investment products offered by Raymond James and serve clients from offices across Pinnacle’s footprint, including offices in Tennessee, North Carolina, South Carolina, Virginia and Georgia. 

Fountain, the Tennessee team’s senior partner and managing director, said in a news release that his clients would benefit from the partnership.

“Prioritizing people and their financial well-being is at the crux of everything we do at Fountain Financial Group,” he said. “Our team was immediately drawn to Raymond James and Pinnacle Asset Management because of their alignment with this philosophy and resources to help us expand our client-centric approach to business. The firm’s vast offering of sophisticated planning resources and integrated technology solutions will significantly enhance our ability to serve our clients.”

Founded in 1974, Raymond James Financial Services Inc., and its affiliate, Raymond James & Associates Inc., are wholly owned subsidiaries of Raymond James Financial Inc., a multinational independent investment bank and financial services company reporting approximately $1.21 trillion in total client assets as of November 30, 2022.