RBC zeroes in on organic growth but maintains strong recruiting push
RBC Wealth Management has snagged two advisors who oversaw more than $550 million in combined client assets while at Wells Fargo.
Recently, the firm has decided to focus more attention on organic growth initiatives and launched a practice management program in July. The firm cited that recruiting alone is not sustainable for the long term.
But RBC is not abandoning its recruiting efforts. It has succeeded in luring several high-asset teams this year, including two top teams from Wells Fargo, overseeing $925 million and $900 million in assets.
The regional firm has opened five new branches and hired at least 73 advisors year-to-date.July 20
Jim Senderling and John Robbie had been with Merrill Lynch for 27 and 25 years, respectively.July 16
RBC’s most recent hires from the wirehouse are Bruce Rosen, who managed $390 million in assets, and Michael Greth, who oversaw $170 million at Wells Fargo, according to RBC.
Rosen has 35 years of experience in the field, according to FINRA BrokerCheck, the past 15 of which he spent at Wells Fargo. He is joining the San Francisco office of RBC, according to the firm.
“We chose RBC’s Northern California complex due to its unique blend of global resources and the client-centric culture of a boutique firm,” Rosen said in a statement.
Greth is joining the Des Moines office at RBC, according to the firm. He worked at Wells Fargo and A.G. Edwards for 13 years, according to FINRA BrokerCheck. RBC’s fiscal responsibility served as one motivation for his transition, Greth said in a statement.
RBC manages approximately $336 billion in assets in 40 states, according to the firm, and has around 1,800 advisors.
A spokeswoman from Wells Fargo declined to comment on both of the advisor departures.