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New RBC Team in New Jersey Includes Ex-Mayor, Equine Expert

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What You Need to Know

  • The seven-person Princeton Financial Partners team joins RBC's Princeton, New Jersey office after leaving UBS.
  • RBC said earlier this year that it added two teams of advisors to its Lincoln, Nebraska, branch from UBS.
  • RBC also added a team of advisors at its Wellesley, Massachusetts, office from Wells Fargo.

A seven-person team that managed about $1.6 billion in assets with UBS has joined RBC Wealth Management’s office in Princeton, New Jersey.

Princeton Financial Partners is a practice that RBC said Tuesday combines personal wealth management for individuals and families with institutional consulting and retirement plan services for businesses.

The team’s financial advisors include: Michael Gara, managing director, who has 23 years of industry experience; Bruce Berman, senior vice president, with 39 years of experience; Chad W. Goerner, senior vice president, who has 23 years of experience in the industry and is a former mayor of Princeton Township; and Dustin Illgen, vice president, with 12 years of experience.

Gara has extensive knowledge of the equine industry, “making him uniquely qualified to help clients navigate the equestrian world,” RBC said. Meanwhile, Goerner is experienced in institutional consulting and has a focus on socially responsible and environmental, social and governance (ESG) investing.

The team also includes Jessica Ovrutsky, senior business associate; Claudia Peppard, registered client associate; and Michele A. Nitti, senior client associate.

Its clients include many institutional legacy relationships and multi-generational high-net-worth families. The team consults on more than $5 billion in 401(k)s, Health Savings Accounts, defined benefit plans, endowments and foundations.

“RBC Wealth Management’s client-first culture, along with the enhanced capabilities and resources of a global company, make it the right place for us to continue growing our business,” Gara said.

RBC now has $463 billion in total client assets with more than 2,000 financial advisors operating in 178 locations in 42 U.S. states.

Earlier this year, the firm said it added two teams of advisors to its Lincoln, Nebraska, branch managing about $900 million in assets from UBS.

On May 5, RBC said it added a team of advisors at its Wellesley, Massachusetts, office that managed about $460 million in assets with Wells Fargo. That team specializes in retirement income planning and asset management for high-net-worth individuals, families and trusts.

The Heald Wealth Management Group includes Timothy Heald, advisor and senior vice president; Andrew Heald, advisor and senior vice president; and Elyse Slotnick, senior client associate.

UBS and Wells Fargo declined to comment on Wednesday about losing the teams to RBC.

(Image: SmartPhotoLab/Shutterstock)


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