RBC Grabs Three Teams Managing $1.3 Billion, FA Skates Back to UBS
Louis Diamond Quoted
By AdvisorHub Staff
RBC Wealth Management quietly fattened its hometown forces by recruiting three teams near Minneapolis collectively managing more than $1 billion from wirehouses in the past few weeks, but UBS Financial Services has recovered a broker from the largest-producing group.
“He’s now going to have a target on his back, and it raises questions about loyalty,” said Louis Diamond of Diamond Consultants in New York, who said he does not know Wenkus personally but imagines that he must be a strong producer.
“I also think they would really have to sweeten the pie to get him back because he now has the tough job of going back to clients and explaining his U-turn.”