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$1.4B Merrill Team Jumps to RBC Wealth

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RBC Wealth Management recently welcomed a $1.4 billion advisor team in Boca Raton, Florida, from Merrill Lynch, as well as an advisor from UBS with about $220 million in assets who works near Los Angeles. 

The Glasband Stempel Wealth Management Group, which moved to RBC on Thursday, includes the following advisors with 17 or more years of industry experience: Eric Glasband, Jonathan Stempel, Justin Hanlon and Matthew Kutner. 

Ryan Burke also jumped to RBC; he has four years of experience and will work out of RBC’s Palm Beach Gardens office.

Meanwhile, in Manhattan Beach, California, Carol Wilshire moved to RBC with 23 years in the business. She was with UBS since 2009 and focuses on financial planning and asset management for high-net-worth individuals and retirees, including women going through separation or divorce. 

RBC Recruiting, Revenue

RBC Wealth says it has recruited advisors with some $20 billion in assets so far this year. 

As for recruited fees and commissions, they are up 112% so far in the three months ended July 31 vs. the same period in 2019, “and five of the past nine months have been best-ever for recruiting at the firm,” according to a statement. 

Average revenue per new advisor, or production, improved 43% year to date through July 31 from the year-ago period, though the number of new hires “has remained flat,” according to data shared with Reuters.

In August, RBC added a Morgan Stanley team in Southern California with four advisors and about $675 million of assets. The group, which works with professional athletes, entertainers and other clients, is based in Beverly Hills. 

Overall, RBC has more than 2,000 advisors working with some $414 billion in total client assets in close to 180 locations nationwide.