RBC Wealth Management Draws $1.2B Ex-UBS Team  

RBC Wealth Management has lured a five-person team that oversees $1.2 billion in client assets from UBS Wealth Management in Louisiana.  

New Orleans-based Heller, Stieffel & Noto Wealth Management includes managing directors and financial advisors Mark Heller, Diana Dalton Stieffel, and Andrew Noto. The team is supported by senior investment associate and branch service manager Terri Folkins and senior client associate Colleen Kirkpatrick. 

When the firm was at UBS, the team also included wealth management associate Lori Lacoste. It is unclear if Lacoste transitioned to RBC or if she remains at UBS. 

UBS and RBC did not respond to Connect Money’s requests for comment by the time of publication. 

Folkins has been with RBC since June 2022 and has served as the firm’s complex assistant manager, according to her LinkedIn profile. 

“The Heller Stieffel & Noto Wealth Management team is an experienced, highly-respected group with deep roots in the New Orleans community,” Scott Skinner, RBC’s Mountain South divisional director, said. “We are very excited to launch this new branch in Louisiana, welcome the team, and help support their growth.” 

RBC said its new advisor assets through July increased by 67% compared to the same period last year. Meanwhile, its new advisor headcount has grown by over 22% since 2020. 

The firm’s latest addition marks a wider shift from UBS advisors who are ditching the firm for RBC. Last month, RBC added Bloomfield Hills, MI-based BLS Financial Group from UBS, where they managed $1.1 billion in client assets in Michigan.  

RBC Wealth Management, a subsidiary of RBC Capital Markets, has about $259 billion for 477,674 accounts, according to its Form ADV updated in September.

Pictured: Heller, Stieffel & Noto Wealth Management