RBC entices $318M team away from Morgan Stanley
A Morgan Stanley team that generated $2 million in annual revenue left to join RBC, according to a spokeswoman. The regional firm has been aggressively attempting to grow through recruiting.
RBC said it recruited more advisers in the first six months of this year than it hired in all of 2016. Earlier this month, RBC picked up an adviser who managed $122 million in client assets and tapped an ex-Morgan Stanley branch manager to lead a Chicago office. The firm currently has $294 billion in total client assets and approximately 1,800 advisers.
The team oversaw $318 million while at the wirehouse, according to RBC.
Advisers Brandt Haring and Joe Smart joined RBC's office in Chevy Chase, Maryland. Warren Bischoff, director of RBC Wealth Management’s Washington complex, cited the advisers' experience and work ethic as reasons they were hired.
"They are truly comprehensive in their wealth management planning, and will be a great fit for RBC Wealth Management," Bischoff said in a statement.
Haring started his career at Lehman Brothers in 1988, according to FINRA BrokerCheck records. Smart began his tenure there a year later. They moved to Smith Barney in 1993, and stayed through that firm's eventual merger with Morgan Stanley.
A Morgan Stanley spokeswoman was unavailable for immediate comment.