RBC lands $500M team from Morgan Stanley
RBC signed a team from Morgan Stanley that previously managed $500 million in assets, the regional BD said.
The firm has continued to use digital recruiting tools during the pandemic, with successful results.
The new team, dubbed the Market Street Group, will be based in St. Louis, where nine advisors have joined the branch since its opening in 2018, according to RBC. Adding the team will nearly double the AUM at the branch. The firm also said that at a national level, the average production of financial advisors hired at RBC is 42% higher than it was in 2019.
“Our best-in-class platform and new suite of digital tools will continue to enable advisors to grow at RBC,” Brian Bell, branch director, said in a statement.
Market Street Group is led by advisors Robert Funke and Peter Sadlo. Each advisor brings 24 years of industry experience, including 11 years at Morgan Stanley.
The team also includes associates DeAnne Finn and Amy Hustedde.
They serve a broad client base, including high-net-worth individuals and institutional business clients, particularly those in the midst of a liquidity event.
They chose RBC because of its leadership and “strong culture,” Funke said in a statement.
“Management is clearly investing in the client-advisor experience and we’re eager to join a rapidly growing team in St. Louis with the strong backing of RBC,” added Sadlo.
RBC manages $379 billion in client assets, and has more than 2,000 financial advisors, according to the firm.