RBC snags $550M Merrill Lynch team
RBC picked up another big hire, this time a team that managed $550 million at Merrill Lynch.
The move comes just a week after the regional BD said it recruited a Wells Fargo group that oversaw $1.4 billion in client assets.
The firm’s newest hires include Nick Ciriello, managing director and financial advisor; Elizabeth Zimmer, associate financial advisor; and Richard Petrie, senior registered client associate. They are based in Beverly Hills, California, according to their new employer.
The team moved to RBC because of its reputation and resources, Ciriello said in a statement.
He started his career at Prudential Securities in 1995, according to FINRA BrokerCheck. Ciriello briefly worked at J.P. Morgan Securities before he moved to Merrill Lynch in 1998.
Zimmer started her career at Merrill in 2015, according to BrokerCheck.
A spokeswoman for Merrill Lynch declined to comment on the departure.
In addition to the Ciriello Group, RBC has hired a slew of advisors this year. Many — but not all — have come from the wirehouses. In September, the firm welcomed back a team led by advisor Wayne Schluchter, who had worked at one of RBC’s predecessor firms two decades ago. Schluchter’s group oversees about $500 million.
In total, RBC has approximately 1,800 financial advisors and total client assets of $353 billion, according to the company.