RBC hired a Morgan Stanley team that oversaw approximately $507 million in client assets, the firm said.

Image: Bloomberg
Image: Bloomberg

This is the third time RBC announced a new hire since the Department of Labor issued additional regulatory guidance on its fiduciary rule, which said firms could not offer back-end awards as part of recruiting deals.

An RBC spokeswoman was not available for immediate comment.

The team, comprised of advisers Richard Frankel and Shawn Patt, joined RBC in Beverly Hills, California.

They generated $1.6 million in revenue while at the wirehouse, according to RBC.

Mike Melton, director of RBC's Beverly Hills complex, says they are an example of his firm's recruiting momentum in the region.

Frankel is an industry veteran of 43 years, per FINRA BrokerCheck records. His career includes stints at Drexel Burnham, Donaldson Lufkin & Jenrette and UBS.

Patt started his career in 2002, according to BrokerCheck. He worked at UBS with Frankel, and together they moved to Morgan Stanley in 2008.

A spokeswoman confirmed the adviser moves and declined to comment further

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