RBC Hires Team Managing $688 Million at Wells Fargo
RBC Wealth Management-U.S. has hired a five-broker Wisconsin team that had been managing $688 million in assets at Wells Fargo, another sign that moves in the turbulent coronavirus era are rare but possible.
Fuerst, who is doing double duty as manager of the new branch that is part of RBC’s Milwaukee complex, also had been producing manager of his Wells Advisors private client group branch in Fond du Lac.
Fuerst, who spent his 30-year career at Wells and predecessor firms, did not immediately return a request for comment on his decision or on the challenges of moving during the Covid-19 crisis.
Advisor moves have understandably been deterred by the additional operational, psychological and market-disrupting effects of the pandemic. Most that have occurred since early March involve independent brokers, who continue working out of their former locations, or those who leave as employees of broker-dealers for independent advisory firms.
Minneapolis-based RBC has suspended a policy of not paying brokers for small-household accounts below $100,000 if assets fell below the threshold after March 1, in deference to the volatile coronavirus-economy market.
In February, before the virulence of the pandemic was apparent, RBC hired a large Wisconsin team from Merrill Lynch that had managed about $1.8 billion of client assets. They opened a new branch in Green Bay.
Fuerst, Helleberg and Welsch began their brokerage careers in 1989 at Blunt Ellis & Loewi, which was purchased by Everen Securities, a predecessor firm to Wells, according to BrokerCheck.
Korb spent his entire 25-year career with legacy Wells Fargo, while Frenz first registered in 1979 with Paine, Webber Inc., moving to Blunt Ellis in 1981. in 1979 and also worked at Blunt Ellis before joining Wells in 1990, according to BrokerCheck.
None of the team members have disclosures of customer complaints or other reportable actions in the publicly available database.