Family affair: RBC hires father-daughter, father-son teams from Wells Fargo
RBC snapped up two teams from Wells Fargo, one comprised of a father and daughter and the other a father and son.
The moves indicate that regional BDs remain a popular destination for disaffected wirehouse advisors. Regional brokerages have benefited from the perception that they are less bureaucratic and more advisor-friendly.
Among recent grabs, Raymond James enticed a $1 billion team from Merrill Lynch making it the biggest move of the year for the firm. In April, RBC hired two advisors who managed a combined $460 million at their former employers, UBS and Raymond James.
RBC’s newest recruits managed more than $225 million in combined client assets at Wells Fargo, according to the firm.
Joining the regional brokerage in Bend, Oregon, are George Riemer and his daughter Brooke. They said in a statement that they made the switch because of RBC’s “core values and culture.”
George Riemer is an industry veteran of 36 years, having worked at Wells Fargo, Smith Barney and Lehman Brothers. Brooke Riemer started her advisory career at the wirehouse in 2010, according to FINRA BrokerCheck.
Also moving with the Riemers is Shannon Grimes, a senior registered client associate. The Riemer team managed $175 million, according to their new employer.
RBC’s other new hires are Roger Vlach and his son Jeremy, who said they were attracted to the firm for its “smaller” culture and platform. The team oversaw $75 million, according to RBC.
Thirty-nine-year veteran Roger Vlach had been with Wells Fargo since 2009, according to BrokerCheck. Vlach has past work experience at Smith Barney and Lehman Brothers. His son started his brokerage career at Smith Barney in 2000, moving with his father to Wells Fargo nine years later.
RBC Wealth Management has $378 billion in total client assets and approximately 1,800 advisors, according to the firm.
A Wells Fargo spokeswoman was not available for immediate comment on the departures.