Royal Bank of Canada nabbed two Minnesota teams from UBS with $854 million, and a third $429-million team from Wells, but one advisor was lured back.
Sean Phillips, who began his career at Merrill Lynch and has managed Wells Fargo private client branches for the last three years, will continue to be based in Walnut Creek.
Team in Beverly Hills says they sought firm with reputation of “always acting in the best interest of clients.”
In another blow for Wells Fargo Advisors, prominent Midwest team that had been with firm for 13 years moves to Canadian bank’s U.S. wealth unit.
After multi-year cessation, the wealth management unit of the Canadian bank restores its retirement account match for brokers and makes no changes to its 2019 payout plan.
Charlie Eldemire leaves RBC in Houston to run his hometown Dallas RayJay branch, while Cathy Galgano shifts from Chicago suburb to run MS complex on Park Avenue.
Joe Chu and partner Chris Phillips leave after a combined 30 years, saying they were frustrated with wirehouse’s growing intolerance for deviation from model portfolios.
Brokers with between 18 and 34 years experience all jumped last week in Texas, Utah and Minnesota.
Moves add to a steady stream of departures from the Swiss bank’s U.S. brokerage business as regional firms lay down the welcome mat.