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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.

Dynasty, Raymond James and Stifel are among the biggest beneficiaries of recent advisor moves.
September 21

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.

Royal Bank of Canada (RBC) headquarters building in Toronto, Canada, on Thursday, April 6, 2017 Bloomberg News
Pedestrians are reflected next to signage displayed inside the Royal Bank of Canada (RBC) headquarters building during the company's annual general meeting in Toronto, Ontario, Canada, on Thursday, April 6, 2017. RBC Chief Executive Officer David urged lawmakers to coordinate interventions and act quickly to cool housing markets, particularly in Toronto and Vancouver. Photographer: Cole Burston/Bloomberg

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.

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