RBC Lands $1B Wealth Advisory Team from Ailing First Republic
First Republic has suffered another departure of wealth advisors as RBC Wealth Management US landed a Newport Beach, CA. team that manages about $1 billion of assets.
The team, the Todd Halbrook and Adam MacDonald Management Group, is led by managing directors Todd Halbrook, Vincent Lovoy and Adam MacDonald. They are joined by senior financial associates Christie Gregg and Parker Howard.
The team specializes in working with high-net-worth individuals, families and businesses and was affiliated with Wells Fargo before joining First Republic in 2018.
“We chose to move our business to RBC Wealth Management for its long-standing reputation of financial strength, integrity, and dedication to supporting advisors and clients,” Halbrook said.
Before Wells Fargo, Halbrook was with Citigroup, as was Lovoy, and Smith Barney while MacDonald was with A.G. Edwards & Sons and Ameriprise.
The latest exodus of financial advisors has become a trend at First Republic, an abrupt turnaround for the bank that until recently was known to have a strong recruiting influence on top advisors to the ultrawealthy at firms like Merrill Wealth Management and Morgan Stanley.
RBC Wealth Management has $510 billion in total client assets and over 2,100 advisors. Its parent company, Royal Bank of Canada, is the 10th largest bank in the world by market cap.
