RBC Nabs Wells Manager, Ameriprise Touts NYC Broker’s Asset Growth
RBC Wealth Management-U.S. said on Thursday it hired a veteran Wells Fargo manager to oversee its Rochester, Minn., office about 90 miles from its Minneapolis headquarters, while its cross-town competitor Ameriprise Financial flaunted that a former Wells broker had nearly doubled assets since joining in December.
He replaces Byron Ellingson, a 39-year brokerage veteran, who is stepping back into an advisor role, RBC said. The office is one of eight branches in RBC’s St. Paul complex that includes around 88 advisors and is managed by Lauri Droster, a top-quintile producer who moved into the management role in July.
Bakken, who joined Wells in 2005 from Waddell & Reed and worked earlier in his career at Metlife Securities, had most recently been a regional manager at Wells Fargo, according to RBC. He declined to comment on the move saying he did not have permission from his new firm.
Bakken said in a statement that his priority will be to recruit experienced brokers to RBC in Rochester and that he planned to pitch RBC as “a firm that is not too big where advisors are lost in the numbers and not too small to lack the support and resources to successfully advise clients.”
Separately, another aggressive regional recruiter Ameriprise Financial on Thursday issued a release touting the success of a recent hire in New York City from Wells Fargo in rebuilding his book.
Mitchell S. Rock, who joined the firm’s employee brokerage in December, has nearly doubled his client assets to $250 million since he moved. The new assets have come from aggregating assets from existing clients when they moved and introductions to new customers, according to the announcement.
“Clients see the value I’m able to offer at Ameriprise, which has helped me transfer more accounts early on,” Rock, who started his career at E.F. Hutton in 1986, said in a prepared statement.
Rock did not return a request for additional comment.
He joined Wells Fargo from Morgan Stanley in 2016, according to his BrokerCheck report. Before that, he spent nine years at UBS Financial Services, seven at CIBC World Markets and also worked for a stint at Merrill Lynch, Dubin & Swieca Securities, Lehman Brothers and E.F. Hutton & Company, according to BrokerCheck.
Both RBC and Ameriprise have been aggressive recruiters in recent years. Ameriprise larded its recruiting deal in 2018 with offers that can reach as much as 200% of a broker’s trailing-12 payments upfront, while RBC previously said it was on pace for a record recruiting year in 2020.
A spokesperson for Wells Fargo declined to comment.