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Industry Spotlight > Women in Wealth

RBC Nabs $5.5M Morgan Stanley Team; Baird Adds $1.4M Group from UBS

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RBC Wealth Management said the Core Group has moved to its Private Wealth offices in Boston and Southern California from Morgan Stanley. The team includes Boston-based advisors Alexander Sugar, CFP, who has 30 years of industry experience; and Alex Davis, 17 years of experience.

Advisors coming on board in Century City and Newport Beach, California, are Graham O’Kelly, CFA, who has 15 years of industry experience; Grant DeVaul, an advisor with 22 years of experience; and Taylor Biehn, a registered rep with four years of experience.

According to RBC Wealth, Sugar and DeVaul helped the industry pioneer “the focus on family wealth management after co-founding the Core Group at Bear Stearns in 1995.” 

“What attracted us to RBC was the strength and stability of the firm, along with direct access to necessary resources that are valuable to the families that we serve,” said Sugar, in a statement. “In addition, we wanted a firm that was client-focused and committed to our vision of family wealth management.”

RBC Wealth has $289 billion in total client assets and roughly 1,800 financial advisors.

Baird News

Wealth management firm Baird said the Tolbert Group joined it in Oak Brook, Illinois, with four financial professionals. The team oversees $178 million in assets and generates $1.4 million in annual fees and commissions.

The team is led by veteran advisor Jeffrey Tolbert, who will also serve as resident manager of the Oak Brook office. Tolbert began work in the business in 1983 at Prudential Securities. He was with UBS from 1994 through 2017.

Also moving to Baird are Susan Bronzell, Matthew Tolbert and Anthony Capitani, a chartered retirement planning counselor and certified divorce financial analyst.

Baird’s wealth group includes 880 financial advisors and client assets of $117 billion.

Raymond James’ Hires

Raymond James’ employee channel has hired Richard Grobman to become its Philadelphia branch manager, after more than three decades with Oppenheimer & Co. and its predecessor firm W.H. Newbold’s Son & Co. In his most recent position in Philadelphia, Grobman was responsible for about 20 financial advisors and support staffers; he also managed $420 million in client assets and had about $1.1 million in annual revenue.

Also moving to Raymond James is branch administrative manager Dawn DeAngelo, who has worked with Grobman for 26 years.

The Philadephia complex of Raymond James & Associates supports 10 advisors and six service associates with $1.5 billion in assets.

“It’s exciting to have such an experienced and proven management team as Rich and Dawn join the Raymond James family in Philadelphia,” said Tony Barrett, Delaware Valley complex manager of Raymond James & Associates, in a statement.

Financial advisor Ken Robbins is now part of Raymond James & Associates in Los Angeles. He moved to the employee channel with advisor Kathy Roshay from D.A. Davidson, where they previously managed more than $177 million in client assets and had some $1.2 million in annual production. 

“I wanted to find a firm that had all the capabilities and services that my clients need but with a client-first culture,” said Robbins, in a statement. “I looked at a number of firms, and Raymond James came out on top.”

Robbins joined Dean Witter (which later became Morgan Stanley) in 1994 and moved to Crowell, Weedon & Co., in 2004 (before it was acquired by D.A. Davidson & Co.).

Roshay began her financial services career in 2007 with Crowell.

U.S. Trust Additions

U.S. Trust said in April it added the following wealth managers:

  • Allison Mayo in Las Vegas from Wells Fargo;  
  • William Ayers in Melville, New York, who was with Astoria Bank and JPMorgan;  
  • Darren Spedale in New York from JPMorgan;  
  • Kevin Johnson in Dallas from Invesco; and
  • Bryan Magstadt in Dallas from Santander Consumer USA.


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