RBC grabs $350M team from Merrill Lynch
On a long-running recruiting spree, RBC has added a five-people team managing $350 million in assets from Merrill Lynch, according to RBC Phoenix complex director Glen Hatch.
The Swinn Toll Wealth Management Group joined the firm’s Las Vegas branch on August 31. It is comprised of advisors Cason Swinn, husband-and-wife Daniel and Tahirih Toll, and associates Laura Moulin and Ana Bergevin.
Swinn and Daniel Toll both started their careers at Merrill Lynch in 2007, per FINRA BrokerCheck record. Tahirih Toll began hers with Banc of America in 2005, moving to Merrill a year later. The team cited RBC’s corporate culture as a primary reason why they made the move.
A spokeswoman from Merrill Lynch was not immediately available for comment on the team’s departure.
The regional broker-dealer has been on a recruiting tear this year, adding more advisors in the first half of 2017 than all of 2016, according to RBC. In September so far, it has snapped up a $220 million UBS advisor and a $365 million Wells Fargo team.
These hires came as the industry’s three biggest firms – Morgan Stanley, UBS, and Merrill Lynch – cut back in recruiting. In the past month, wirehouses lost 18 teams with nearly $10 billion, based on data compiled by On Wall Street.