RBC Hires UBS Team with $1.6-Bln AUM, Managers from Morgan Stanley and Wells
RBC has hired a UBS Wealth Management USA team overseeing $1.6 billion in customer assets, notching the regional firm’s second score from the wirehouse in a week.
They moved on Friday, four days after RBC hired a UBS team in Roanoke, Virginia that is led by N. Edward Link and had $900 million in client assets.
The Princeton Financial advisors, three of whom began their careers at Prudential Securities in the 1990s, did not return a call for comment left at their RBC office.
An RBC spokeswoman declined to comment on the team’s production. A UBS spokesman declined to comment or confirm the departure. The wirehouse, which has around 6,000 brokers in the U.S., withdrew in 2017 from the Protocol for Broker Recruiting, an industry agreement that allows brokers to solicit their customers when moving firms.
RBC and its roughly 2,000 brokers still ascribe to the agreement but both firms must be members for the advisors to claim its legal protections.
Gara, who is joining RBC as a managing director, has “extensive knowledge of the equine industry” and focuses on “help[ing] clients navigate the equestrian world,” according to RBC’s announcement.
He began his career at Prudential Securities in 1997, remained through the acquisition by Wachovia and then shifted to Morgan Stanley in 2006 and UBS in 2011, according to BrokerCheck.
Goerner, who focuses on 401(k) plans, HSA’s and defined benefit plans, started his career at Prudential in 1997 but moved two years later to UBS. He shifted to Merrill Lynch in 2003 then back to UBS in 2009, according to BrokerCheck.
Berman, the most veteran of the team, started his career at Prudential in 1981 and tread the same path as Gara through Wachovia and Morgan Stanley, according to his BrokerCheck.
Illgen began his career at Morgan Stanley in 2008 and shifted to UBS in 2011, according to the database.
RBC’s announcement comes as it has also been targeting veteran wirehouse managers to help expand its aggressive broker recruiting efforts across its 21 “complexes.”
The Minneapolis-based firm on Monday said it also had hired Mark Gherity, a complex manager from Morgan Stanley, to lead a market in its headquarters city.
Gherity’s new remit includes 124 advisors and 105 support staff across seven branch offices that manage approximately $23.4 billion in assets, according to RBC’s announcement.
The manager, who spent his entire 35-year career with Morgan Stanley and its Smith Barney predecessor, according to the announcement, had previously run Morgan Stanley’s Minnesota/Dakotas complex, RBC said. He joined RBC on May 5, according to BrokerCheck.
RBC also last week said it hired a Wells Fargo Advisors regional manager, Jesse C. Witt, to oversee its Phoenix market. The complex includes 71 advisors and 57 support staff across six branch offices managing roughly $12 billion in assets.
Witt, who has worked at seven firms over his 20-year career, according to BrokerCheck replaces Glen Hatch, who is retiring, RBC said.
At Wells, Witt had been based in Sioux Falls, South Dakota, and oversaw around 50 advisors, including some private wealth brokers focused on ultra-wealthy clients, who were based in Kansas, Missouri, Iowa, Nebraska, Southern Illinois, South Dakota, and North Dakota, according to the RBC announcement and LinkedIn.
Witt, who started his career as a broker at Edward Jones in 1999, joined RBC on May 3, according to BrokerCheck.
Wells Fargo & Co. has been streamlining its regional and field leadership structure as part of a broad realignment of the various wealth operations in its Wealth and Investment Management divisions.