RBC hauls in $1.4B Wells Fargo team
RBC recruited a team that managed $1.4 billion at Wells Fargo, making it one of the biggest departures from the beleaguered wirehouse.
Since a phony accounts scandal rocked Wells Fargo, a stream of brokers have left the bank for rival firms. The advisor ranks have fallen by about 1,000 since 2016, according to the company’s earnings reports.
Independent firms and regional brokerages such as RBC have been the beneficiaries of Wells Fargo’s attrition. Brokers leaving the wirehouse have cited the bank’s negative headlines and bureaucracy as reasons for moving their practices elsewhere.
Eugene Bosart, a member of the $1.4 billion team, pointed to RBC’s reputation and “deep resources” as reasons for his team’s career change, according to a statement.
With his departure, Wells Fargo loses an industry veteran of 50 years, according to Bosart’s FINRA BrokerCheck records.
His team now operates from RBC’s office in Bloomfield Hills, Michigan.
The group consists of financial advisors Brad and Robert Bosart, Eugene’s sons, Joe Moynihan, Maddalena Parks; senior financial associate Timothy Gates; and senior registered client associates Cathy Capozzo, Jennifer Connor, Diane Price and Brianne Aubin.
They had been with Wells Fargo since 2005, according to FINRA BrokerCheck records.
Brad and Robert Bosart have 26 and 23 years of industry experience, respectively. Moynihan has been in the industry for 20 years, Parks for eight. She moved to Wells from independent broker-dealer Royal Alliance in 2014.
Like other regional BDs, RBC has been an aggressive recruiter. The firm has success enticing over wirehouse advisors, including a number from Wells Fargo, but new recruits have also come from unexpected corners of the industry. Earlier this month, advisor Wayne Schluchter and his $500 million team returned to RBC 21 years after he left the firm to found an independent practice. Schluchter said he wanted the support and scale that a larger organization like RBC could offer.
RBC has $353 billion in total client assets and approximately 1,800 financial advisors.