A HighTower Advisors top executive joined RBC Wealth Management as the head of advisor recruiting, building on the firm’s recent hiring surge.
Michael Parker is the latest in a series of key leadership hires at RBC over the last year. His departure earlier this year was a blow to HighTower.
“We are just wrapping up one of our best recruiting years on record,” Tom Sagissor, president of RBC U.S. Wealth Management, stated. “With a skilled business development executive like Michael Parker leading the charge, we will build on that momentum.”
Park says he was drawn to RBC for its small, boutique feel and its commitment to diversity, telling On Wall Street the firm has "an ecosystem which encourages and celebrates original thought, fresh ideas and challenging status quo."
"RBC has earned a higher credit rating from every agency than any of our major wirehouse firm competitors," Parker adds. "That matters to advisors and clients."
Parker spent seven years at HighTower. He served as executive vice president and chief development officer, driving strong performance in organic growth.
He grew AUM at HighTower by 115% from 2012 to 2016, while increasing annual revenue by over 120% in the same period, according to his LinkedIn page.
“HighTower is deeply appreciative of Michael’s many contributions to the firm, and wishes him the best at RBC,” a HighTower spokesperson told On Wall Street.
Other notable RBC additions include Sean Kellenberger, head of marketing, formerly with Ameriprise; Amit Sahasrabudhe, head of strategy and technology, from Deloitte; Ann Senne, head of advice and solutions and Angie O’Leary, head of wealth planning, who were both recruited from U.S. Bank; and Bryan Mullin, head of alternative investments, who joined from Slocum.
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