Raymond James Financial is to acquire The Producers Choice, designed to boost services available to its financial advisors.

Raymond James Financial has reached an agreement to acquire The Producers Choice, a private insurance and annuity marketing organization and decade-long partner based in Troy, Michigan.

Producers Choice will operate as part of the Raymond James Insurance Group. The transaction is expected to close mid-summer, Florida-headquartered Raymond James said in a statement last Friday.

The group of around 60 Producers Choice employees will be retained in the firm’s current location. Principals Blair O’Connor and Dwight Eberts are expected to expand their roles within the organization, the statement said.

“Enhancing the support services we offer financial advisors so they can serve the holistic planning needs of their clients is an evergreen priority,” said Scott Stolz, senior vice president of Raymond James Private Client Group Investments and Wealth Solutions.

“This addition brings more life insurance and annuity specialists to our team to support advisors, while also adding a small external wholesale segment we believe can leverage our internal resources for future growth,” Stolz said.

Late last week, as reported by this publication, RJFS added a group that focuses on retirement planning from Westminster Financial Securities.  The firm recruited financial advisor Lewis Wentz and his 10-person team at Raymond James Financial Services, the firm’s independent broker-dealer, in Hudson, OH, and Carrollton, GA.