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RBC snatches 6 advisors with $1.6B from wirehouse competitors

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RBC is adding three teams to its ranks — six brokers managing nearly $1.6 billion in assets from wirehouse competitors.

“It’s been a record year for recruiting,” says Brooke McGeehan, a branch manager in Princeton, New Jersey and president of the Women’s Association of Financial Advisors at RBC. “And the new goals that have been set forth by senior management are even bigger.”

The firm has recruited 22% more advisors in 2018 than the year-ago period, according to RBC.

The latest brokers to join the regional BD come from Wells Fargo and UBS.

This is the first career move for both Susan Franklin and Russell Lewis, who recently joined the regional BD after 15 years at Wells Fargo, according to FINRA BrokerCheck. Before that, the two worked at Prudential before it was acquired by the wirehouse.

The pair managed a combined $900 million at Wells, according to RBC.

“We made the decision to join RBC Wealth Management because of the smaller-firm culture, coupled with the global resources of a large bank,” said Franklin and Lewis in a statement.

The following 17 teams oversaw about $75 billion in assets. The firms ending the year with prize recruits include a diverse cast: regional BDs, wirehouses, boutiques and RIAs.
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Franklin will work from the Minneapolis office. Lewis will be based in Stillwater, Minnesota.

Also joining Franklin at the Minneapolis office are Paul Koch and David Henrikson. The advisors previously worked at UBS for nine years, according to FINRA BrokerCheck. Together they manage more than $350 million in client assets, according to RBC.

Julene Melquist, Judy Cameron and Michael Capeder will join the Koch-Henrikson team as associates.

“We are excited to join RBC Wealth Management because of the firm’s client-first culture and for their strong leadership team,” Koch said in a statement.

Curt Allen and James Goralnik also joined the regional BD from Wells Fargo, where they managed approximately $254 million in client assets, according to RBC. They will operate out of St. Louis.

Allen was at Wells Fargo for eight years, according to FINRA BrokerCheck. He also has spent time at Stifel and Merrill Lynch. His partner, Goralnik, was at Wells Fargo for 14 years and A.G. Edwards for three, according to FINRA BrokerCheck.

“RBC Wealth Management has a great reputation as a firm that provides its financial advisors with the tools and resources to deliver customized plans for clients,” Allen and Goralnik said in a statement.

Spokeswomen at Wells Fargo and UBS did not respond to requests for comment.

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