RBC’s $460M recruiting grab is UBS and Raymond James’ loss
RBC Wealth Management recruited two advisors managing a combined $460 million from Raymond James and UBS, according to the firm.
RBC and Raymond James have been aggressive recruiters in recent years, primarily targeting their larger wirehouse rivals. Raymond James’ efforts have pushed its headcount to record highs (the firm’s headcount recently topped 7,862 independent and employee advisors). But that rapid growth was not appealing to Chip Green, one of two advisors picked up by RBC.
“I wanted to get back to a culture of a smaller, more personalized firm,” says Green, who worked joined Raymond James from Morgan Keegan in 2008, according to FINRA BrokerCheck records. It will be easier at a firm with fewer employees and advisors to have closer relationships with the financial planners and money managers he works with, Green says. RBC has approximately 1,800 advisors. His clients will get to work with the specialized staff as well, he says, something that did not happen at Raymond James.
The Sugar Land, Texas-based advisor managed $120 million and generated $1.1 million in revenue while at Raymond James, according to his new employer.
The company hopes to recruit new advisors by taking a version of its home office tour on the road.April 25
RBC’s other new hire, Tony Keiser, managed $340 million in assets and generated revenue of $3.2 million while at UBS, according to the firm. Keiser, a UBS advisor since 2009, joined RBC’s Pittsburgh office.
A spokeswoman from Raymond James confirmed Green’s departure and assets under management. A spokeswoman from UBS declined to comment.