August 21, 2023
Jason Diamond Quoted
By Nathan Place
For the second time this month, RBC Wealth Management expanded its presence in the U.S. by luring a major advisory team away from UBS.
This time, RBC recruited a team who managed $5.5 billion in client assets at their former firm — RBC’s biggest hire ever. The ESOP Group, standing for “employee stock ownership plans,” left UBS to join RBC’s office in Atlanta.
For RBC, the move continues a streak of aggressive recruitment in the U.S. Earlier this month, the Canadian firm reeled in James, Ford & Duble Wealth Partners — also from UBS — which had $1.1 billion in client assets. And in April, RBC nabbed the Todd Halbrook and Adam MacDonald Wealth Management Group, which was managing $1 billion in client assets, away from First Republic.
“There’s really no team that is too big for a firm like RBC from an assets perspective,” said Jason Diamond, a vice president at the recruitment firm Diamond Consultants, which counseled the ESOP Group on its move to RBC. “They’re able to handle high net worth relationships, sophisticated teams, PWM [professional wealth management] teams — you name it — and they have the resources and capabilities to support the business.”
