Billion-Dollar AUM Team Exits Wells After 18 Months For RBC
A $1 billion-asset, five-person San Francisco team moved Thursday from Wells Fargo Advisors to RBC Wealth Management Team, according to an RBC spokesperson.
The team is led by Joseph Seidler, who has 20 years of industry experience, and Gary Cattich, who has 23 years, according to RBC.
Also joining the move is Max Lewin, with four years in the industry, and Kayvan Izadpanah, with 10 years, as well as Roy Mendoza, an investment associate with 29 years, according to RBC and their BrokerCheck records.
Seidler and Cattich have worked together for 15 and a half years. The itinerant brokers joined Wells in January 2020, and UBS in 2014, after six years with Merrill Lynch and three at Wachovia Securities.
None of the team members were available to comment for this article, an RBC spokesperson said. Seidler did not respond to a message sent through social media, or comment on the relatively quick switch or if he and his team members had to repay note balances when they joined Wells.
A Wells Fargo spokesperson declined to comment.
In the RBC press release, Seidler said his team members had spoken to RBC when they previously contemplated their move from UBS. It didn’t say why they did not choose RBC at first pass.
“While what we heard about RBC sounded good, I honestly doubted whether it could all be true,” he said about that prior conversation. “But as we’ve learned from friends who have moved here in the past year or so, it’s not only true, but even better than advertised…So here we are.”
Seidler and Cattich, who had been in the “private wealth” unit at UBS, had been generating $5.3 million in revenue for UBS in the previous 12 months, AdvisorHub reported in January last year when they joined as private wealth brokers at Wells.
At the time they moved, Wells had been offering upper-echelon candidates some of the fattest recruiting deals in the brokerage industry, hoping to rebuild a sales force that has declined by more than 1,500 since late 2016, when its sister bank’s fake account scandal was disclosed. Top brokers could have received as much as 325% of their previous year’s production in front- and back-end forgivable loan deals, according to recruiters. (It in November extended those deals to as high as 340%.)
RBC Wealth Management’s U.S. business, which has 2,000 advisors, $500 billion client assets and 180 locations, has also been an aggressive recruiter in recent years with a target on its larger wirehouse competitors. Recruiters have said its offers are competitive but slightly below some of the aggressive wirehouse offers.
On Tuesday, RBC announced it had named Amanda Dolan, an 11-year company lifer who was the “mastermind” behind the firm’s pivot to virtual recruiting during the pandemic, to lead its hiring efforts.
Dolan replaces Kristen Kimmell, who took over the role just two years ago and has left the Minneapolis-based firm after more than 27 years, according to an RBC spokesperson. Kimmell had agreed to move to a private equity firm focused on rolling up investment advisor practices, according to a person familiar with the matter.