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RBC recruiting streak: Firm snaps up another $220M advisor

RBC is adding a veteran advisor to its Chicago office, who managed $220 million and has more than 31 years of industry experience, according to RBC Chicago complex director Justin Ferdula.

Advisor Todd Mitchell joins RBC after spending 10 years at UBS, according to FINRA BrokerCheck records. Prior to UBS, Mitchell spent five years at Deutsche Bank.

“My move to RBC Wealth Management provides my clients access to the global resources of one of North America's most successful, diversified financial services companies in the Royal Bank of Canada,” Mitchell said in a statement.

RBC logo is reflected on a surface in Toronto, Ontario, Canada, on Friday, May 19, 2017 Bloomberg News
The Royal Bank of Canada (RBC) logo is reflected on a surface in Toronto, Ontario, Canada, on Friday, May 19, 2017. Ontario is easing rules for its pension funds as years of low interest rates, poor equity returns and a looming retiree glut pressure companies. Photographer: Brent Lewin/Bloomberg

Mitchell was not immediately available for additional comment. A spokesperson for UBS could not be reached for comment.

RBC has been on a recruiting tear this summer, having pulled a number of advisors from its rivals. The regional brokerage has hired more new advisors in the first part of this year than it did in all of 2016, according to RBC.

At the end of August, the company hired three advisors who managed $350 million in combined client assets. The company also poached a team of advisors managing $365 million from Wells Fargo. And at the start of the summer RBC recruited a Morgan Stanley advisor managing $308 million in client assets.

Regional brokerages and firms that assist breakaway advisors have been picking off top talent at the wirehouses.
September 5

These hires have come amid recruiting cutbacks at three of the industry's biggest firms: Morgan Stanley, UBS and Merrill Lynch.

However, RBC isn’t the only firm taking advantage of a recruiting lull at its larger competitors. Ameriprise, Raymond James and Janney Montgomery Scott, have all brought in new teams in recent weeks.

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