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November 02, 2016 at 06:03 PM
In a move that may have been prompted by a high-profile banking scandal, a team with Wells Fargo Advisors (WFC) has left the broker-dealer to join RBC Wealth Management in Chicago.
Heide Wealth Management, led by David Heide, CFP, has a total of six advisors, about $500 million in client assets and $4 million in yearly fees & commissions.
“David Heide and the Heide Wealth Management Group are seasoned professionals and bring a breadth of wealth management experience and expertise to the firm,” said Burton Street, director of RBC Wealth’s Chicago complex, in a statement. “RBC Wealth Management is committed to growing the firm’s presence in the Chicago area and will continue to look to bring on advisors who fit the firm’s client-first culture.”
Heide began his career in financial services at Edward Jones in 1990 and five years later moved to A.G. Edwards in 1995 (which was acquired by Wells Fargo in 2008), according to FINRA BrokerCheck. He serves as the past president of the Moraine Valley Community College Foundation and current president of the Bridge Teen Center board.
(Related: Tainted Wells Fargo Facing Advisor Talent Drain: Recruiters)
RBC Wealth, a unit of RBC Capital Markets, has $284 billion in client assets and about with 1,800 advisors in 200 locations in 40 states.
The broker-dealer, which is based in Minneapolis, also says Bryan Mullin joined the firm as head of its alternative investment platform from Slocum, an advisory firm that specializes in serving institutional investors.
“As many of the products and services within the wealth-management industry have become increasingly commoditized, offering clients differentiated advice and personalized solutions is critical,” said RBC Wealth-USA CEO Michael Armstrong, in a statement. “With Bryan Mullin at the head of our alternatives platform, we will provide our private wealth clients with access to the discipline and sophistication of institutional alternatives investing.”
Mullin comes to RBC from Slocum with analyst Leif Gunderson, who also has focused on alternative investments, including private equity, real assets and hedge fund strategies.
Merrill News
Bank of America-Merrill Lynch (BAC) says it hired Jennifer Jennings and Donny Wohl as private wealth advisors from J.P. Morgan’s Private Bank in Michigan.
