RBC Wealth Poaches $1B UBS Advisor Team
RBC Wealth Management, a subsidiary of the Royal Bank of Canada, continues to poach advisory teams from rival UBS Group with the addition of a $1 billion team in Kansas.
The group, called Total Wealth Management, includes managing director Patrick McCarthy; SVPs John Brown and Eric Taylor; VP Scott Jones; AVPs Penny McKinney and LaGina Nicholas; and associate financial advisor John McCarthy.
Total Wealth Management Group provides wealth management services including retirement, estate, income, insurance and education cost planning to families, business owners and foundations.
The team chose RBC because of “access to senior firm leaders and the ease of doing business.”
It’s not the first time a major wealth management team has switched from UBS to RBC. RBC revealed in August that it had recruited a team controlling $5.5 billion at UBS, a move that has since resulted in a lawsuit. RBC announced earlier this month that it was bringing over a staff that had managed $1.1 billion for UBS in Columbus, OH.
RBC Wealth Management has more than 2,100 advisors in 42 states who oversee $544 billion in client assets.