The IBD has also added a new advisor from Morgan Stanley in Utah, while LPL welcomes an $850 million team from Cetera.

Raymond James and LPL Financial have each notched significant wins in the war for advisory assets, with RayJay scoring against LPL through its institutional division.

On Thursday, Raymond James announced its Financial Institutions Division has won a multibillion-dollar book of business from Trustmark National Bank as a client.

The Mississippi-headquartered bank will now offer investment and wealth management services under its financial planning and advisory offering, known as Trustmark Financial Services, through Raymond James FID.

Trustmark had been offering securities and advisory services through LPL under a longstanding referral arrangement.

The TFS program includes 33 financial professionals across five southern states, including 18 advisors who manage roughly $2.7 billion in client assets.

Stephen Kruchten, president of Raymond James’ Financial Institutions Division, cited Trustmark’s longstanding community presence and client service model as a strong match for the firm’s philosophy.

“Trustmark has long been recognized for its commitment to personalized service and investment in the communities it serves,” Kruchten said Thursday.

Mike Zito, president of Trustmark Financial Services, pointed to Raymond James’ capabilities as a driving factor in the transition.

“We chose Raymond James for its continued investment in technology and resources, its strong reputation for stability and growth, and its tailored service approach – all delivered with the feel of a boutique firm backed by the scale and capabilities of a large, diversified institution,” he said.

Raymond James also posted a more modest victory in its independent advisor channel with the addition of Jason Hancock, a financial advisor managing nearly $185 million in client assets.

Over at its employee channel, Raymond James & Associates scored two shots against Janney last week as it welcomed a duo managing over $165 million in Pennsylvania and a 30-year veteran advisor in Connecticut.

A veteran of the wirehouse space, Hancock recently joined Voyager Wealth Advisors in Salt Lake City after a tenure with Morgan Stanley. His experience includes specialized guidance in equity compensation and tax strategies developed at both Morgan Stanley and Goldman Sachs.

Meanwhile, LPL announced it has onboarded Beacon Financial, a Toledo, Ohio-based team of 10 advisors managing approximately $850 million in client assets. The team is joining LPL through a partnership with Momentum Wealth Partners after previously being affiliated with Cetera.

“Our clients range from business owners and professionals to those nearing or in retirement, and we take a comprehensive approach to understanding each of their needs and goals,” Greg Kopan, principal owner and CEO of Beacon Financial, said in a statement Thursday.