“It’s a larger company able to give us more support and help us grow going forward,” Jon Gadberry, senior vice president of wealth management for Home Federal Bank, said in a telephone interview.
Gadberry noted that Raymond James would provide a host of investment and wealth management services unavailable to them before, including separately management accounts and equity research. Raymond James would also be instrumental in helping the program transition to fee-based business from transaction-based business, he said.
The program, which currently has three full-time financial advisors and three platform advisors, plans to add three additional advisors next year, according to Gadberry, the program manager since 2008. The three current advisors – Dennis Jarabek, Bruce Mogen and John Etrheim – are now members of Raymond James.
“With this new partnership, Hometown Investment Services will be able to add several financial advisors to cover additional markets. With Raymond James as our partner, we look forward to being able to better serve our parent company’s branch footprint with high-quality investment services,” Gadbury said in a statement.
Hometown Investment Services has approximately $72 million in assets under administration with annual revenues in excess of $700,000. Home Federal Bank, a subsidiary of HF Financial Corp., operates throughout eastern South Dakota and Minnesota.