How did a bank out of Canada rise to the ranks in the US wealth management space? RBC Wealth Management–U.S. President Tom Sagissor shares an insider’s perspective, plus why their “Wall Street meets Main Street” culture is attracting some of the industry’s top advisor talent, and much more.
Stephen J. Groth, Patrick M. Cummings, Robert Chavez and Katrina R. Stump managed $1B in client assets and were all “Merrill lifers” with a collective 73 years of experience at the firm. But changes both at Merrill and throughout the industry landscape prompted the team to proactively perform due diligence, with the goal of determining whether they were best positioned to service their clients in the future.
By Sabrina Escobar, Barron’s – An eight-person advisor team managing $1 billion in client assets became the latest to break away from the thundering herd, joining RBC Wealth Management’s Pacific Northwest complex. The team, which calls itself Inter Alia, is composed of advisors Stephen Groth, Patrick Cummings, Robert Chavez, and Katrina Stump, and client associates Susan Junell, Mimi Jue, Deborah Jenkins, and Rachel Akerson.
By AdvisorHub Staff – Four career Merrill Lynch brokers who had spent a total of 73 years at the “thundering herd” left on Friday for RBC Wealth Management-U.S. in Portland, Oregon, punctuating ongoing attrition at the wirehouse.
By Miriam Rozen, AdvisorHub – RBC Wealth Management on Thursday nabbed a Chicago-area Merrill Lynch Wealth Management father-son team that managed more than $500 million in client assets, according to an RBC spokesperson.
Louis Diamond Quoted – By Ellen Sheng, Financial Advisors IQ – Plenty of advisors are yearning for more independence, but that can mean any number of options these days. Advisors may find their freedom at another firm, an existing RIA or an independent broker-dealer. Advisors may also find more independence at regional firms or independent broker-dealers.
By Andrew Welsch, OnWallStreet – Of 37 advisors RBC hired since Aug. 1, two dozen came from Merrill Lynch, according to the regional BD’s hiring announcements. Those former Merrill advisors, some of whom are industry veterans, managed $2.9 billion, RBC said.
By Alex Padalka, Financial Advisor IQ – RBC made a string of new advisor hires from rivals last week, but the firm must also pay close to $3 million over alleged failures in sending out fund prospectuses. In Scottsdale, Ariz., meanwhile, RBC has added Bill Herf, a 22-year veteran of the industry, the company says in a separate press release. Herf previously managed around $230 million for 150 families and foundations at Stifel Nicolaus, Stifel Financial’s broker-dealer subsidiary, RBC says.
By Alex Padalka, Financial Advisor IQ – Raymond James and RBC Wealth Management both poached brokers from Merrill Lynch this week.
By Lavanya Nair, Financial Advisor IQ – RBC Wealth Management hired an advisor from Merrill Lynch who oversaw $250 million in client assets, according to the company.Joining the Florham Park office in New Jersey, veteran advisor David Hollenberg has 24 years of experience in the financial services industry. He spent the entirety of his career at Merrill Lynch, according to FINRA BrokerCheck records.