RBC Wealth Management says it has recruited a group of Morgan Stanley (MS) advisors with about $1 billion in client assets and about $3.6 million in yearly fees and commissions.

The five advisors and two associates will operate out of a satellite office in Lufkin, Texas, northeast of Houston, and at RBC’s San Antonio office and do business as the Evergreen Group.

“We are thrilled to welcome a team of the Evergreen Group’s caliber to the San Antonio and Lufkin offices,” said Steve Ogle, branch manager in San Antonio, in a statement. “The team has extensive industry experience and knowledge, and truly exemplify the ‘clients first’ attitude that we value at RBC Wealth Management.” 

This news comes on the heels of the recent recruiting of advisor John McIntyre from Wells Fargo Advisors (WFC). McIntyre joined RBC’s office in the Houston Galleria shopping-mall area with about $100 million in assets; he has worked as an advisor for over 30 years and spent the past 10 years at Wells Fargo.

The group moving over to RBC in San Antonio and Lufkin includes Phillip Friesen, who has early 40 years of industry experience; he started at Cowen & Co., in 1976 and jumped to Morgan Stanley in 2008. His son John Friesen started in the business in 2011 at Morgan Stanley in San Antonio.

Other advisors making the switch are Chuck Crowson, who cut his teeth as an advisor 18 years ago at A.G. Edwards; Greg Bowman, who has 13 years in the business and started at A.G. Edwards; and Josh Zeleskey, who began work as a registered rep two years ago at Morgan Stanley.

Owned by the Royal Bank of Canada, Minneapolis-based RBC Wealth Management has $284 billion in total client assets and about 1,800 financial advisors operating in 200 locations in 40 states. 

The U.S. wealth unit is led by Michael Armstrong, who left the Jeffries Group to replace retiring CEO John Taft this summer.

— Check out FINRA Issues Q&A on Recruiting Practices on ThinkAdvisor.