RBC snaps up $276M Morgan Stanley advisor
RBC recruited an advisor with approximately $276 million in client assets under management — marking the firm’s second grab from Morgan Stanley in three days .
Steven Altholtz will join the regional broker-dealer’s offices in Florham Park, New Jersey, according to complex manager Steven Ornstein.
Altholtz has 31 years of industry experience, beginning his career with Hym Financial in 1986, per FINRA BrokerCheck records. He worked for several other firms before landing with Morgan Stanley in 2009, per BrokerCheck.
RBC’s global assets and culture enticed Altholtz to make the jump, he says.
“The truly entrepreneurial culture, along with all of the global resources of RBC and City National Bank, make this a great fit,” Altholtz says.
The other major RBC pick up this week was the Gibraltar Group, also from Morgan Stanley. The $1 billion team will open a new office in Miami focusing on ultrahigh-net-worth clients.
The newest hire furthers RBC’s expansion into the Northeast, says Ornstein.
“As we continue to grow in Northern New Jersey, we aim to attract talented, client-first advisors,” Ornstein says.
Morgan Stanley did not respond to requests for comment.
RBC Wealth Management has $310 billion in total client assets with approximately 1,800 financial advisors operating in 200 locations, according to the firm.
TAPPING WIREHOUSE TALENT
RBC has been on a recruiting tear in recent months. In August and September, the firm announced at least five noteworthy moves; those advisors oversaw more than $2 billion in client assets.
The latest recruits include a $350 million team in Las Vegas, a $365 million team in Walnut Creek, California, and a $220 million advisor in Chicago.
Industrywide, regional brokerages have dominated the recruiting landscape. The big four firms have picked up only $14 billion in client assets this year, while regional and boutique firms netted over $27 billion, according to hiring announcements.