Raymond James unit buys 60-employee firm

ST. PETERSBURG — Raymond James Financial has completed its purchase of The Producers Choice LLC, a private insurance and annuity marketing firm based in Troy, Mich.

Producers Choice and its 60 employees are now part of Raymond James Insurance Group, according to a statement. The division will continue to operate from Producers Choice's current Michigan location.

Former Producers Choice principals Blair O'Connor and Dwight Eberts will remain with the firm. O'Connor, now senior vice president of sales, will oversee the newly expanded sales group within Raymond James Insurance Group. Eberts, who has been appointed vice president of sales, will manage the outside distributor channel.

“This addition of the Producers Choice team, with whom we have worked for almost a decade, brings more life insurance and annuity specialists to our firm to support advisors, while also adding a small external wholesale segment,” Scott Stolz, senior vice president of Raymond James Private Client Group Investments & Wealth Solutions, says in the release.

Raymond James (symbol: RJF; recent price: $58.62) declined to comment on the financial terms of the purchase.