Memphis-based Wunderlich Securities has signed an agreement to buy five Private Client Group branches from RBC Wealth Management, Wunderlich announced Thursday. The branches include Plymouth, Flint, East Lansing and Brighton in Michigan and Beachwood in Ohio.
The Wunderlich said this acquisition would increase the Wunderlich Securities national footprint to 21 offices in 12 states. The agreement adds 32 new employees to the firm.
Among the new employees are 21 experienced financial advisors, adding $8 million in gross production and $700 million in client assets under administration. According to the announcement, these financial advisors have worked together over many years and were seeking to return to a regional firm. Wunderlich Securities offered this opportunity. RBC Correspondent Services, through a new relationship, will provide clearing for these branches.