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RBC accelerates recruiting streak with latest addition from Wells Fargo

RBC Wealth Management has been on a recruiting spree recently, pulling in talent from rival firms, including its latest grab from Wells Fargo Advisors.

Industry veteran Carlton Pace manages approximately $200 million in client assets and joins RBC in its San Jose, California office, a company spokesperson announced. Pace serves high-net-worth individuals and families.

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Royal Bank of Canada (RBC) signage is displayed at the Royal Bank Plaza in Toronto, Ontario, Canada, on Thursday, Dec. 18, 2014. Royal Bank of Canada Chief Executive Officer David McKay said U.S. moves to normalize relations with Cuba present an opportunity for the lender to return to the Caribbean nation. Photographer: Kevin Van Paassen/Bloomberg

The CFP spent 14 years with Wells Fargo, according to FINRA BrokerCheck records. Prior to that, Pace was with Prudential for eight years, and earlier in his career, he spent four years with PaineWebber.

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Lisa Bell, a registered client associate, accompanies Pace in the move.

Pace wanted to be a part of RBC for its “small firm culture backed by a strong, global leader,” he said in a statement. This dual approach “provides the best of both worlds for my clients.”

Pace was not available to comment directly.

Advisors are leaving the bigger firms as the opportunities that were once exclusively available at the larger organizations are now offered by their smaller counterparts, recruiter Danny Sarch of Leitner Sarch Consultants previously explained to On Wall Street.

“The capabilities of the smaller firms have caught up and in some cases exceeded the capabilities of the big firms,” Sarch said.

Pace and Bell “are known for their strong work ethic, sound financial principles and disciplined investment programs,” RBC’s Northern California complex director Michael Schipper said in a statement. “I welcome the opportunity to engage with all advisors of Carlton’s caliber as we continue our rapid growth in Northern California.”

Some of RBC’s recent recruits include a team managing $200 million from Wells Fargo, a Morgan Stanley advisor managing $180 million and a $610 million team from Merrill Lynch.

RBC has $323 billion in total client assets with approximately 1,800 financial advisors, according to the broker dealer.

Wells Fargo declined to comment on this recent move.

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