RBC Plucks $450 Million-AUM Nebraska Team from Wells Fargo
RBC Wealth Management-U.S. continues to keep up the recruiting pressure on its larger wirehouse rivals and has pulled a four-person Wells Fargo Advisors team in Lincoln, Nebraska.
The group is led by 20-plus-year industry veterans Jerold Doell Jr. and Douglas Kuszak, who made the move along with associate financial advisor Gregory Yank and client associate Kelli Kruse, and joined RBC on Thursday, the firm said in an announcement.
Now known as the Doell Kuszak Group, the team managed about $450 million in client assets at their former firm, RBC said. They could not immediately be reached for comment on the move Thursday and an RBC spokeswoman declined to comment on the group’s production.
Doell, a 22-year broker, started with Ameritas Investment Corp. in 1999, moved to UFS Securities in 2001 for a roughly six-month stay and joined Wells that same year, according to his BrokerCheck report.
“RBC Wealth Management has a strong reputation of financial stability and a focus on putting the needs of clients first,” Doell said in a prepared statement. “The firm’s client-first culture and backing by a strong, global leader will provide the best of both worlds for our clients.”
Kuszak, a 27-year broker, started with First Investors Corp. in 1993, and joined Wells in 2000, according to his BrokerCheck report.
Associate advisor Gregory Yank, with 14 years in the industry, first registered in 1988 with NYLIFE Securities, where he spent less than a year, and has been registered with Wells since 2007, according to his BrokerCheck report. Client associate Kelli Kruse has spent her entire 19 years in the industry with Wells, according to the database.
“The Doell Kuszak Group is an incredibly talented team known for their integrity, professionalism and top-tier client service,” Mark Borcherding, Kansas City complex director for RBC, said in a prepared statement.
A Wells Fargo spokeswoman declined to comment on the departure.
RBC this month also hired a Merrill Lynch team in Oregon that had been managing about $1 billion in client assets. It also lost a New Jersey broker generating $2.6 million from a $500 million book to UBS Wealth Management USA.
Altogether, RBC Wealth Management has $528 billion in total client assets and more than 2,100 financial advisors, the firm said.