RBC Wealth Management has recruited a $7.5 billion team from UBS and is opening its first office in downtown Los Angeles.
Roger Stephens, who has 28 years of industry experience, and Daniel Rothenberg, with 13 years as an advisor are set to join RBC, along with four other team members. Both have also worked for several years at Morgan Stanley and have spent the past nine at UBS.
“We are excited to come to a firm that has a smaller, more focused group of people where we feel we can really make a difference,” according to Rothenberg. “RBC has a boutique feel across the board, which gives us the flexibility to run our business the way we want.”
RBC says its new branch in Los Angeles is in the City National Plaza building. City National was bought by RBC three years ago 2016.
“The opportunities that may come from being so closely aligned with City National Bank also added to the appeal of RBC,” Stephens said in a statement.
Over the past two years, RBC has recruited 35 advisors in California. It opened a office in Marin County in September, when it added a team from Merrill Lynch.
“We are thrilled to begin our growth into Los Angeles’ financial hub with such an experienced and well-established team,” said Mike Melton, director of the firm’s Southern California complex, in a statement.
RBC Wealth Management has $384 billion in client assets and some 1,900 advisors in the United States.