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RBC recruits $4M team amid fiduciary upheaval

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RBC recruited a Wells Fargo team that generated $4 million in annual revenue, a spokeswoman said.

The move comes days after the Department of Labor issued new regulatory guidance targeting what it deemed conflicts of interest generated by transition packages to switch firms.

Plus, advisers with $450M in combined AUM join Benjamin Edwards.
October 31

Firms have been scrambling to readjust their recruiting policies in the wake of the department's action. Morgan Stanley cut back-end comp from its' deals. Other firms have yet to formally announce similar actions.

"The team joined RBC Wealth Management yesterday. While we cannot comment on specific deals, we can confirm RBC has reviewed its practices to ensure compliance with the guidance issued in the latest DOL FAQ," a spokeswoman said, referring to the Labor Department's latest guidance on the impending regulation.

RBC's latest hires joined the firm in Chicago. They previously oversaw more than $500 million in client assets, according to the firm.

Team leader David Heide started his career at Edward Jones in 1990, according to FINRA BrokerCheck records. He's been with Wells Fargo since 1995.

Also moving with the team are advisers Mark Anderson, Daniel Jakuta, Joseph Palumbo and Jeffrey Neumann.

A Wells Fargo spokeswoman declined to comment.

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