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RBC snatches $250M advisor from Merrill Lynch

RBC Wealth Management hired an advisor from Merrill Lynch who oversaw $250 million in client assets, according to the company.

The move is indicative of the regional BD’s recruitment streak. For instance, RBC recent hired two advisors with a combined $460 million in client assets joined RBCtwo advisors with $460 million in client assets from Raymond James and UBS. Currently, the firm’s headcount is at approximately 1,800 advisors.

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Royal Bank of Canada (RBC) signage is displayed at the Royal Bank Plaza in Toronto, Ontario, Canada, on Thursday, Dec. 18, 2014. Royal Bank of Canada Chief Executive Officer David McKay said U.S. moves to normalize relations with Cuba present an opportunity for the lender to return to the Caribbean nation. Photographer: Kevin Van Paassen/Bloomberg

Joining the Florham Park office in New Jersey, veteran advisor David Hollenberg has 24 years of experience in the financial services industry. He spent the entirety of his career at Merrill Lynch, according to FINRA BrokerCheck records.

Hollenberg is an alum of the University of South Florida and prior to being hired at Merrill Lynch, he enlisted with the United States Marine Corps where he served as a Marine Corps Aviator, according to the firm’s spokeswoman Shereen McCall.

He made the move to RBC for the firm’s resources and what he says is its “advisor-centric culture,” Hollenberg said in a statement.

Accompanying Hollenberg is senior business associate Debra Barnes and senior client associate Lorraine Pescatore.

A spokeswoman from Merrill Lynch did not respond to a request for comment on the departures.

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