RBC Nabs $1.4 Billion Merrill Team in Boca, UBS LA Broker with $280 Million – AdvisorHub

September 3, 2020

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RBC Wealth Management-U.S.’s aggressive recruiting continues to bear fruit as it added two teams on opposite coasts on Thursday who managed a combined $1.7 billion in client assets.

In the larger move, RBC said it added a Merrill Lynch team in Boca Raton, Florida, who managed $1.4 billion in client assets. The group includes advisors Eric Glasband, Jonathan Stempel, Justin Hanlon, Matthew Kutner and Ryan Burke, according to the announcement.

“RBC’s focus and investment into its digital client experience is second to none, and the easy-to-use and interactive technology platform will allow us to strengthen our communication and collaboration with our clients,” Glasband said in a prepared statement.

Glasband and Stempel, who have 18 and 19-years of experience respectively, joined Merrill in 2010 from Morgan Stanley, according to their BrokerCheck records. Hanlon, a 17-year broker joined Merrill in 2008 from Ameriprise, and Kutner, who also has 17 years of experience, joined in 2011 from Morgan Stanley, according to the database. Burke has four years of experience and is based in Palm Beach Gardens.

Separately, on the West Coast, RBC hired Carol Ann Wilshire, who said she had generated $3.3 million in annual revenue at UBS Wealth Management USA in downtown Los Angeles. Wilshire, who managed $280 million in client assets and moved along with a client associate, will work from RBC’s Manhattan Beach office, which is closer to her home in Hermosa Beach.

Wilshire, a 24-year industry veteran, said she spent a few years evaluating her move and speaking with other firms but opted to join RBC because they offered to cover the costs of two additional associates, a perk she was unable to get at other firms.

“They’re willing to help me build a team to better service my clients,” Wilshire said when reached at her new RBC branch. “I’m very happy with my decision.”

Wilshire, who ranked #123 on Forbes’ listing of the top women advisors this year, started her career at Smith Barney in 1996 and joined UBS in 2009, according to BrokerCheck.

She had been the top producer at her downtown UBS Los Angeles branch among about 20 brokers, according to Randall Grossblatt, a recruiter with Kinetic Strategic Partners in Redondo Beach who helped with the move. She had been seventh in the L.A. market in terms of production, according to a second source.

“She is a great advisor with a good record,” said Grossblatt, who knew Wilshire since he previously recruited her to UBS from Smith Barney when he was a regional manager for UBS in Los Angeles.

A UBS spokeswoman declined to comment. A spokeswoman for RBC confirmed Wilshire’s move but declined further comment.

Grossblatt declined to discuss specifics of RBC’s recruiting offers but said that it is “very competitive” with deals offered by other aggressive recruiters such as Wells Fargo Advisors and Morgan Stanley Wealth Management. (Wells has been dangling offers of more than 300% or more for top-tier teams as it looks to replenish its brokerage force.)

Under chief executive Michael Armstrong, who joined in 2016 after running Jefferies & Co.’s wealth management business, RBC has been ramping up its broker recruiting efforts. This year, despite pandemic-related travel restrictions and virtual recruiting, it has brought in advisors representing an “unprecedented” $20 billion in assets so far, according to the RBC spokeswoman.

“The key premise behind recruiting for us is that it’s really important that we try to reach scale in our business,” Armstrong said in remarks published on Thursday by Reuters.

The RBC spokeswoman declined to provide comparable figures for assets recruited year-to-date in 2019 but said that average production of the recruits who have joined this year is 43% higher than those who joined over the same period last year.

RBC’s hiring has focused on wirehouse firms and includes a $1.8 billion Merrill team in Wisconsin and a $675 million-asset Morgan Stanley team. It also, however, picked up a Bernstein Family Office team in Michigan with $750 million in assets.

Two RBC brokers in Sarasota, Florida, this week beat back a temporary restraining order request from Wells Fargo, which accused them of pre-soliciting some of their $306 million-asset book to move with them to RBC in August.

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Author: HOCAdmin