RBC Scores $2 Billion-Asset Merrill Team in Chicago Suburbs
RBC Wealth Management-U.S. has hired an eight-person Merrill Lynch team managing $2 billion in client assets in the Chicago suburbs, according to an announcement.
Paulson and Holman, who joined RBC as managing directors, began their careers at Morgan Stanley in 1987 and 1994, respectively, according to their BrokerCheck records. They moved together to Merrill in November 2008, according to the database.
Gatto, who has the corporate title of senior vice president at RBC, started at Morgan Stanley in 2002 and also moved with the team to Merrill in 2008.
“We are excited to move our business to RBC Wealth Management, where the products, tools and integrated technology platform will allow us to best serve our clients and grow our practice,” Paulson said in a prepared statement. He could not be reached for comment at the new office.
The three lead advisors are joined by support staff Charles S. O’Neil, Nadine E. Haufe, and Kristie A. Manheim, as well as client associates Cynthia Mariscal and Abra Alscher.
The group reports to Justin Ferdula, a former New York City branch manager for Morgan Stanley who has run RBC’s Chicago complex since 2017.
RBC last week recruited a four-person Merrill team managing $550 million in client assets in Long Island, New York, led by Michael J. Meehan, who had started his brokerage career at Merrill in 1995. That followed a $240 million-AUM recruit in Florham Park, New Jersey.
A spokeswoman for Merrill declined to comment.
Merrill Lynch retreated from veteran broker recruiting in 2017 to focus on promoting internal growth. However, a senior executive said this month that the firm will focus on hiring seasoned brokers in key markets, including San Francisco and Florida, which some recruiters read as a sign that Merrill may be dipping a toe back into the market.
The wirehouse followed up those remarks with the hiring of a longtime private banker in San Francisco who is expected to officially join after a garden leave from Citibank.
Minneapolis-based RBC has around 2,000 brokers who manage $463 billion in client assets across 178 offices, according to the announcement.
Bank of America has around 20,000 advisors across its wealth management franchises, although it has not broken out the specific cohort of traditional Merrill Lynch brokers since 2019.