RBC snags more Merrill advisors, this time with $241M
Two Merrill Lynch advisors overseeing a combined $241 million left the wirehouse to join RBC, which has been on a recruiting hot streak. Last year, the brokerage’s hires had a 45% higher median AUM than all regional BDs, according to an analysis of hiring announcements.
The regional BD picked up both recruits in the San Francisco Bay area, a spokeswoman confirmed.
Like other regional firms, RBC has been on a recruiting hot streak, enticing away talent from its larger wirehouse rivals, and particularly from among Merrill Lynch’s ranks. Last month, RBC poached two big teams from the wirehouse: a $1.8 billion group based in Green Bay, Wisconsin, and a $426 million team based in Baltimore.
RBC has more than 2,000 financial advisors and $389 billion in total client assets, according to the firm.
The brokerage’s 2019 hires had a median AUM of $246 million compared to a median AUM of $170 million among all regional BDs that year, according to an analysis of hiring announcements.
This week, Helen Abe joined RBC in its Marin County branch. She had previously been responsible for $132 million, a spokeswoman confirmed.
Abe was a longtime wirehouse advisor, having started her career at Morgan Stanley in 1992, according to FINRA BrokerCheck records. She moved to Merrill Lynch in 2009.
In nearby Walnut Creek, RBC added advisor Jeffrey Rodvien. Investment associate Melissa Marsh also made the move with him.
Rodvien oversaw $109 million, according to RBC. An advisor of 19 years, Rodvien had been with Merrill since 2012 and previously worked at Oppenheimer & Co.
A Merrill Lynch spokeswoman was unavailable for immediate comment on the departures.