Team of Merrill Lifers with Billion-Dollar Book Jumps to RBC in Oregon
Four career Merrill Lynch brokers who had spent a total of 73 years at the “thundering herd” left on Friday for RBC Wealth Management-U.S. in Portland, Oregon, punctuating ongoing attrition at the wirehouse.
They are changing the name of their practice to the Inter Alia Group, after the Latin phrase for “among other things” in reflection of their focus on planning and services beyond investments, after going by the GCVS Wealth Management Group. They report to Nate Angelo, Pacific Northwest Complex director for the Minneapolis-based RBC Wealth-U.S.
“What we found attractive was that this benefit is paired with a more boutique atmosphere and a flat management structure, which empowers us to deliver the customized solutions that our clients deserve and expect. We couldn’t be more excited to join RBC Wealth Management,” Cummings said in a release.
Members of the team could not immediately be reached for comment.
An RBC spokeswoman declined to comment on their production. The firm, which employs around 2,000 brokers, has 25 brokers in the Portland branch and 48 total in Oregon.
Groth had been with Merrill for 30 years. Cummings, Chavez and Stump had been with Merrill for 16, 20 and seven years, respectively.
The departure adds to a steady stream of Merrill departures by next-gen up and comers, lifers and multi-million dollar producers alike. After Merrill Wealth President Andy Sieg acknowledged earlier this year an uptick in attrition to competitors, Merrill has been on a multi-week campaign called “Project Thunder,” announcing internal changes aimed at soothing broker qualms.
A Merrill spokesperson did not return a request for comment.