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Wells Fargo loses another advisor as $225M planner joins RBC

As wirehouses witness a chorus line of financial advisors heading out the door, Wells Fargo has lost a $225 million planner to RBC Wealth Management.

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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

Tim Garigan, a Tucson-based advisor with more than 40-years of industry experience, has joined RBC as a managing director, an RBC spokesman said. Garigan spent 10 years with Wells Fargo according to FINRA BrokerCheck records, prior to that he spent almost 30 years with Merrill Lynch.

“The firm’s unique culture along with the financial stability of global leader RBC, make it a great place for us to continue to grow our business,” Garigan said in a statement. He was not available to comment directly. Wells Fargo did not respond to a request for comment.

RBC’s Tucson office has brought in five new advisors over the last five months, Tucson branch director Richard Schaefer said in a statement.

“We are excited to welcome Tim to our Tucson branch,” Schaefer adds. “He is incredibly respected in the Tucson area, and we look forward to him continuing to develop goals-based wealth management plans to help his clients meet their financial goals.”

In addition to Wells Fargo, RBC has pulled in talent from Janney, UBS and Merrill Lynch. RBC has been on a hot recruiting streak as of late. The firm has $348 billion in total client assets with approximately 1,800 financial advisors operating in 200 locations in 40 states.

Planners have been leaving the wirehouses in droves as they say they are looking for greater flexibility than a bank-backed firm can offer. But, high-profile scandals at Wells Fargo have also contributed to the exodus. The wirehouse was recently fined $1 billion over abuses related to its mortgage and auto lending practices.

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