RBC Wealth Management lured over an advisor with more than $250 million in client assets from UBS — the second notable grab from its rival firm this month alone.
Timothy Woods joins the regional firm’s Des Moines, Iowa, office as senior vice president and branch director, according to the company. The 34-year veteran is accompanied by Jennifer Lynn Poe, senior branch service manager.
“RBC Wealth Management is known for its financial strength and stability,” Woods says, “which helps to provide our clients with the confidence that their assets are in good hands. I look forward to helping to grow our firm’s presence in the Des Moines area.”
The Des Moines branch is one of nine in the Kansas City complex. Woods will oversee 18 financial advisors and 14 additional staff members.
RBC has been on a recruiting tear in recent months, landing at least one other UBS team in November. The Langer Wealth Management Group jumped to the firm’s Tucson, Arizona, office with $231 million in client assets just two weeks ago.
The hiring announcement also comes just days after UBS announced it would follow Morgan Stanley in exiting the Broker Protocol — potentially dooming the pact to collapse, and in theory, making it harder for advisors to successfully transfer clients from one firm to another.
"Our top priority is helping you reach your full potential, not recruiting advisors from our competitors," UBS President Tom Naratil said in a memo to employees seen by On Wall Street.
RBC’s U.S. wealth management arm now has $310 billion in total client assets with approximately 1,800 financial advisors in 200 office locations, according to the company.