Raymond James has established a new independent advisory firm in Nashville, Tenn. after recruiting three financial advisors from a Merrill Lynch team.

Lee C. Vaughan, John F. Connelly and James L. Maddux have formed COVA Wealth Management, which will utilize Raymond James Financial Services for broker-dealer and securities services.

“Several factors were important in making the decision to join Raymond James,” said Vaughan, the managing partner at COVA. “Among them was the firm’s strength and stability and its advisor-focused culture. The appeal of being independent while serving our clients’ best interests was very compelling.”

Prior to joining Raymond James, Vaughan, Connelly, and Maddux managed more than $140 million in assets and had $860,000 in annual production at Merrill Lynch.

Raymond James Financial Services is a national investment firm and wholly owned subsidiary of Raymond James Financial, a holding company which oversees approximately $281 billion in client assets.

Mason Braswell writes for Financial Planning.