RBC Hires $625-Mln Asset Morgan Stanley Team, Wells Gains from Merrill, UBS
RBC Wealth Management-U.S. and Wells Fargo Advisors continued to attract wirehouse producers last week, led by a $625 million-asset Morgan Stanley team jumping to RBC and ten advisors joining Wells from UBS, Merrill Lynch and Morgan Stanley.
His nine-person group includes his son Zach, a rookie advisor, his father, Arthur, a senior financial associate who began his brokerage career in 1974 and had been with UBS and predecessor PaineWeebber for the last 34 years, and Brett Scharf, who began his brokerage career seven years ago at UBS.
“When looking to move our business, it was important to us to find a firm that shares our driving principle of superior client service,” Wade Martin said in a prepared statement.
He did not respond to a request for comment on leaving his family wirehouse roots.
The team has a specialty in servicing clients with “special needs” and a history of working with recipients of structured settlements from personal injury and wrongful death cases, according to RBC. The group “takes connectivity and care for their clients to a level beyond what is expected of a typical financial advisor,” said Scott Ceniccola, the director of RBC’s Philadelphia complex, which includes Princeton.
A Morgan Stanley spokeswoman declined to comment on the move.
The largest producer joining Wells Fargo on Friday was a UBS emigrant—Brian Edgar, who was generating around $1 million in revenue on $210 million in client assets in Palm Beach Gardens, FL, according to a Wells spokeswoman.
Edgar, who had been with UBS since 2008, did not immediately return a request for comment. He began his brokerage career at Merrill in 1994, and also worked at First Chicago NBD Investment Services and Banc One Securities/JPMorgan before joining UBS, according to BrokerCheck.
Also shifting from UBS to Wells was the downtown Chicago team of Hugh Breslin and Philip C. Allen Jr., who combined produced $2.1 million in the past 12 months on around $265 million in client assets, according to Wells.
Breslin, a 27-year broker, started his career at Prudential-Bache Securities and worked at five other firms, including Banc of America Securities, before joining UBS in 2009, according to BrokerCheck. Allen led a similarly peripatetic career over 31 years, and also joined UBS from Banc of America Securities in 2009, according to his BrokerCheck history.
In Seneca, SC, Wells on Tuesday hired Eric Breazel and Andrew Sheriff, who together generated $1.6 million in annual revenue at Merrill Lynch on $205 million in client assets, according to the Wells spokeswoman.
The move is the first for both. Breazel began his brokerage career nine years ago in Clemson, SC, and Sheriff started at the same branch in June 2017, according to their BrokerCheck records.
Wells also attracted a veteran Merrill duo producing $1.3 million on $150 million of client assets on the West Coast. Jack Rutledge and Jon Frandell joined Wells’s Rancho Bernardo, Calif, branch on Tuesday from San Diego, according to Wells. Rutledge spent 16 years of his 21-year career at Merrill, and Frandell had been with the Thundering Herd for 14 years after working 13 years at Morgan Stanley.
Wells has been offering recruiting deals at the high end of the industry range to brokers with about $500,000 of production and up to fill seats that emptied in the wake of fake account scandals that have shadowed the bank for four years, according to recruiters. Some expect new management at Wells Fargo Advisors to begin restricting top deals as Wells executes companwide plans to cut annual costs by $10 billion.
Other Wells hires last week included:
- Robert Dombrowski, who left Merrill Lynch after almost 20 years with wirehouses in Chicago to become an independent broker affiliated with Wells’ Financial Network in Oak Brook, IL. He produced almost $1 million at Merrill in the previous 12 months on $130 million in assets, the spokeswoman said;
- Jeffrey Downing, Southlake, Texas, who was generating around $425 million on nearly $62 million in client assets at Morgan Stanley. He began his career at Merrill in 2000, and had been with Smith Barney and Morgan Stanley in Dallas for 18 years;
- Raymond Stauffacher, a 20-year veteran of Merrill and UBS in Sugar Land, TX, who produced around $500,000 on $85 million in client assets in the Houston suburb. He had been with UBS since January 2009.