RBC Hires Merrill Lynch Mother-Son Team in Atlanta
(Updates group’s assets under management to $453 million.)
A mother-son advisor team at Merrill Lynch’s Buckhead office in Atlanta left before the Labor Day weekend to join RBC Wealth Management-U.S.
Mary Elizabeth Dale, a 38-year industry veteran who had been with Merrill Lynch for more than a decade, made the move Thursday with her son Jacob, another advisor Chase Rosenberg and two associates. She was a senior vice president at Merrill, according to her former website.
They managed $453 million in client assets, according to an RBC spokeswoman.
Their Merrill-to-RBC route in Atlanta traces the same path made by the $210-million-asset team of Christopher Sanders and Daniel Crews in June.
Jacob Dale said the move to RBC was influenced by recommendations that other brokers had made about the Minneapolis-based firm, while the exit reflected discontent with Merrill’s pressure to use in-house investment portfolios and with compensation policies that appeared to be dictated by its parent bank.
“We were saddened by the changes that Bank of America has made to Merrill Lynch over the past decade,” said Dale, who began his brokerage career in 2010 at Merrill. “I did not leave Merrill Lynch; I left Bank of America.”
A spokeswoman at Merrill did not return a request for comment.
Mary Dale joined Merrill in Atlanta in August 2006 after 26 years with Smith Barney and predecessor Robinson-Humphrey Co., according to her BrokerCheck history. Rosenberg, the third advisor on the team, first registered as a brokerage representative in 2017 at Merrill Lynch.