RBC Recruits Merrill Team in Jersey Managing $472 Million
RBC Wealth Management-U.S. has hired a four-broker New Jersey team that had been managing $472 million in assets at Merrill Lynch.
A 32-year industry veteran, Taylor had been a producing branch manager at Merrill in Chester N.J., for almost 11 years. He and Minor worked for about 20 years previously at Wells Fargo Advisors and its A.G. Edwards & Sons predecessor, according to their BrokerCheck histories.
The new RBC branch in Chester, part of the firm’s North Jersey complex that is overseen by Steve Ornstein, includes three client associates who also moved from Merrill.
Like most business activities during the coronavirus crisis, recruiting has come to a near standstill due to shelter-in-place restrictions, travel and caution. New Jersey, which has the second-highest number of reported U.S. Covid-19 cases, imposed stay-at-home restrictions on March 21.
Minneapolis-based RBC Wealth Management, which two weeks ago hired a five-broker Wells Fargo Advisors team in Wisconsin that was managing $688 million and this week welcomed a private banker from Wells Fargo in Chicago, said the moves illustrate its flexibility and technological prowess.
“During an uncertain time when many people continue to work remotely, we’re grateful to have virtual resources and digital recruiting tools to continue attracting the industry’s top talent,” Ornstein said in a prepared statement.
Raymond James Financial Chief Executive Paul Reilly on Thursday said the firm is similarly “leveraging virtual capabilities to resume critical parts of the recruiting process such as home office visits and advisor transitions.” But on an earnings call with analysts he conceded that face-to-face meetings with brokers flown to its Florida headquarters are crucial to its recruiting strategy and are on indefinite hold.
Frank Taylor began his brokerage career in 1988 at A.G. Edwards, almost three years after Minor joined, according to their BrokerCheck histories.
William Taylor, Frank’s oldest son, joined Merrill in 2012 following his graduation from Penn State University. Eric Taylor arrived on the family team in 2013 after graduating from Rutgers University, according to their BrokerCheck histories and Merrill biographies.
Merrill recently unveiled enhancements to its ”client transition program” that pays experienced brokers to remain with the firm as they glide into retirement if they move clients to younger teammates. The new program is not effective until November 2021, and Frank Taylor declined to comment on whether he and Minor had considered it.
A spokeswoman for Merrill did not immediately return a request for comment.