RBC Wealth Management says it has recruited a team three advisors with about $190 million in client assets from Merrill Lynch.

The group joins the RBC office in Florham Park, New Jersey, and includes advisors Michael Gee, CIMA, CPM, with 32 years of industry experience; Andrea Savva, who has 20 years of experience; and Raymond Lee, CFP, CIMA, CRPC, CPM,  joining with 12 years of experience.

“We decided to join RBC Wealth Management because our clients will have access to the global resources of one of North America’s most successful, diversified financial services companies—RBC—but with a smaller, client-first culture,” according to Gee.

RBC Wealth says it recently moved its Florham Park operations into to a new, renovated location with more than 53,000 square feet, making it one of the firm’s largest U.S. offices

We are excited to welcome Michael, Andrea and Raymond to our Florham Park office,” said Steve Ornstein, director of the North Jersey complex, in a statement. “They are incredibly well-respected in the area and are known for diligently working to provide their clients with comprehensive wealth management plans designed to meet their unique needs.”  

RBC has roughly 1,800 financial advisors operating in 200 locations in 42 states.  

M&A Developments

In other news, Wealth Enhancement Group says it is acquiring Retirement Strategies, an independent financial advisory practice with more than $350 million in client assets based in Jacksonville, Florida.

“RSI’s deep financial planning capabilities bring strategic scale to our commitment to provide the highest quality financial advice in northeastern Florida,” said Wealth Enhancement CEO Jeff Dekko.

Retirement Strategies was founded in 1994 and is led by partners Bill Carr, Bill Hart, and Mary Beth Neeley. Its team members includes seven Certified Financial Planners.

Wealth Enhancement oversees $8.9 billion in client assets. Last year, it grew its assets by $1 billion.

The latest deal the firm’s seventh in recent years. It acquired Cimino Wealth Advisors in Clinton, Wisconsin, earlier this year. In 2017, it added CLA Financial Advisors in Chicago and CPA Retirement Planning in Jacksonville. In 2016, it bought HHG & Company of Darien, Connecticut, and Sound Financial Solutions of Houston; and in 2013, it acquired Summit Wealth Advisors of Chicago.