A team that generated about $1.5 million in annual revenue left LPL Financial to join Raymond James Financial Services, the firm's independent broker-dealer.

Advisor Ed Lancaster and his sons, Mike and Dave, joined Raymond James in Cypress, Texas, a suburb of Houston.

The team managed more than $160 million in client assets, according to Raymond James.

Mike Lancaster said the team made the switch after a visit to Raymond James.

"When we went to the home office, we saw firsthand the client and advisor technology improvements the firm has made, and at that point it was a done deal. We are really excited to grow our business here," he said in a statement.

Ed Lancaster has more than 26 years of experience in the financial services industry, according to Raymond James.

Ed Lancaster and his son Mike had been with LPL since 2007, according to FINRA BrokerCheck records. Prior to LPL, the father-and-son team worked at Ameriprise Financial Services.

Dave Lancaster joined his brother and father at LPL in 2009. He had previously served in the U.S. Marine Corps, according to Raymond James.

"We wish Ed, Mike and Dave well," a LPL spokesman said. "While we respect their decision to find the best fit for them, we are proud of our industry leading advisor production retention rate of 97%."

More than 3,400 advisors have affiliated with Raymond James' independent broker-dealer. Altogether, Raymond James has more than 6,600 financial advisors and more than $500 billion in client assets.

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