RBC Adds Two Merrill Teams with $900M Combined Assets

RBC Wealth Management has added two advisory teams from Merrill Lynch, where they managed a combined $900 million in client assets. Both teams will be based in RBC’s Bel Air, MD location.

David Barnes, who leads the Barnes Group, has worked at Merrill Lynch for three decades, according to BrokerCheck. He manages around $600 million in client assets. Barnes is joined by Paula Gay, an associate and VP.

“We made the decision to join RBC Wealth Management because of its unique culture, as well as the management team who truly believe that clients come first,” Barnes said.

The Pollard Team, led by Patrick Pollard, SVP and financial advisor, oversees around $300 million. Pollard has also worked in the advisory industry for three decades, 22 of which were spent at Merrill Lynch. He started his career at Prudential Securities in 1993.

Pollard worked at Morgan Stanley for four years before joining Merrill Lynch. He will be joined at RBC by Paul Sierocinski, AVP, senior business associate, and Victoria Webster, AVP, client associate.

“We’re excited, both for our team and for our clients, about the capabilities and opportunities our move to RBC will provide,” said Pollard. “We are thrilled to join the firm known for its commitment to excellence and—most importantly—to its clients.”

This is RBC’s second transaction in the past week. The Glaser Group, a Nashville-based financial advisory team that previously worked for Truist and managed over $730 million in client assets, has joined the firm.

In the U.S., RBC Wealth Management operates as a division of RBC Capital Markets. The firm has $570 billion in total client assets, with more than 2,100 financial advisors.