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Bristol County Savings Bank and Ricciardi Financial Group Announce Joint Venture to Form Bristol Wealth Group

Partnership also includes affiliation agreement with Raymond James Financial Services.

Bristol Wealth Group

TAUNTON, MA, January 23, 2018 — Bristol County Savings Bank and Ricciardi Financial Group, both of Taunton, Massachusetts, announce they have entered into a joint venture to merge the Bank’s Financial Advisory Services (FAS) division, located in Attleboro, Massachusetts, and Ricciardi Financial Group to become Bristol Wealth Group with combined assets of approximately $700 million effective January 31, 2018. The joint venture also includes an affiliation agreement with Raymond James Financial Services (Raymond James), one of the leading brokerage firms in North America, which will provide Bristol Wealth Group and its clients with a wide range of investment solutions and a state-of-the-art investment platform.  Bristol Wealth Group will be owned equally by the Bank and the Ricciardi Financial Group and managed by CEO Lou Ricciardi, Owner and President of Ricciardi Financial Group, who has also served on the Bank’s Board of Directors for more than 25 years. Bristol Wealth Group will be located on the 2nd Floor of the Bank’s Main Office at 35 Broadway in Taunton. The merger has received approval by federal regulators and the Massachusetts Commissioner of Banks.

Pat Murray, BCSB President & CEO and Lou Ricciardi, CEO of Bristol Wealth Group

Pat Murray, BCSB President & CEO and Lou Ricciardi, CEO of Bristol Wealth Group

“After many months of planning and due diligence, we are confident that our joint venture with Ricciardi Financial Group will provide all 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 FAS 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 advisor’s affiliation with Raymond James, one of the most highly regarded and well capitalized, independent broker-dealers in North America.”

Ricciardi Financial Group, which traces its roots back to 1981 when Ricciardi was first licensed, provides wealth management and investment advisory services to over 600 clients and has grown to become one of the largest independent practices in the country today with assets under management of more than $400 million.  The company has enjoyed a successful affiliation with Raymond James on behalf of its clients since 2009.  Established in 2007, Bristol County Savings Bank’s Financial Advisory Services division provides wealth management, investment and trust administration services to over 400 clients with assets under management of more than $290 million.

“The personalized approach to wealth management, which has been the hallmark of both entities since their founding, will continue to be our guiding principal,” said Ricciardi.  “With similar cultures focused on the customer and a shared history of working together on behalf of the communities we serve, our new joint venture is focused on further strengthening our customer relationships and maximizing the strategies and tools available in pursuit of meeting our clients’ financial goals.”

Ricciardi added that with the combined assets of his company and FAS, Bristol Wealth Group will be able to enhance and expand its investment services offerings, from comprehensive financial planning, to broader access to municipal bond investing for individual investors and municipal financing for cities and towns, to expanded customized portfolio investments and models for individual and company retirement plans.

“Our financial strength, in combination with the leading edge investment and technology platforms of Raymond James, will firmly position Bristol Wealth Group as a service leader from the start,” continued Ricciardi.

“Raymond James’ Financial Institutions Division continues to grow with the addition of exceptional programs like Bristol Wealth Group,” said Tim Killgoar, Senior Vice President and Head of Raymond James’ Financial Institutions Division.  “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.”

Founded in 1962, the client-focused approach of Raymond James has now extended to serve 3 million client accounts through 7,300 financial advisors in the United States, Canada and overseas.  The company has expanded through the years to serve corporations, institutions and municipalities through significant capital markets, banking and asset management services.  The company established Raymond James Financial Services more than a quarter century ago with the mission to help clients achieve their financial goals and dreams.  Raymond James Financial Services is the firm’s independent broker/dealer, and the Financial Institutions Division provides a full spectrum of securities brokerage and investment advisory services to help the investment programs of community banks and credit unions across the country do more for their clients.

Bristol County Savings Bank has undergone a strategic review of its approach to financial advisory services for several years and concluded that a locally controlled wealth management/investment advisory model would provide its clients with the best experience in a changing world.  The announcement of this joint venture agreement coincides with the planned and pending retirements of Financial Advisory Services’ Paul Lenahan, Executive Vice President, and Jean Ronn, Vice President and Senior Trust Officer.  Ricciardi Financial Group will have no staffing changes as a result of the merger.

The Bank entered into the financial services industry in 1995 with its acquisition of Anawon Trust N.A.  Since that time the Bank has continued to diversify the assets it manages.  Today, trust assets represent a relatively small portion of its Financial Advisory Services division’s total assets under management.  Founded in 1846, Bristol County Savings Bank is a full-service financial institution also offering commercial lending, personal and business banking and mortgage services, as well as quality property and casualty insurance options through its majority-owned insurance partner, FBinsure.  The Bank’s steady growth and expansion, and mission to support the communities it serves by making them a better place to live and work, has resulted in more than $2 billion in assets and over 400 employees in southeastern Massachusetts and Rhode Island.

 

– Investment and Insurance Products are: Not FDIC Insured – Not DIF Insured – No Bank Guarantee – May Lose Value – Not a Bank Deposit – Not insured by any Federal Government Agency