RBC Hires Wells Branch Manager for New Nashville Office
(Updated on Aug. 8 with confirmation from Wells spokeswoman of Wade’s departure.)
RBC Wealth Management has hired Tom W. Wade, Jr. as a producing branch director of its new office in Nashville, a company spokeswoman said.
Wade, who was manager of Wells Fargo Advisors’ Nashville office for the last ten years, joins his former Wells colleague Jim Aid, who opened the new RBC outpost in June. Aid was managing $900 million for retail and institutional clients at Wells, while Wade—who moved with his client associate Tina Dedman—had a small book with about $55 million of assets under management.
“They are actively recruiting,” said Jonell Lundquist, the RBC spokeswoman.
The Tennessee moves further dent Wells Fargo’s progress in rebuilding a sales force that has declined by a net 860 advisors since disclosure of the fake account scandals at its sister bank almost two years ago.
Wade’s RBC website does not mention Wells by name but emphasizes what he says is his new firm’s reputation for individual integrity, corporate responsibility and overall fiscal stewardship.
“Clients choose to work with RBC Wealth Management as much for the client-first culture as for the comprehensive approach to wealth management and the world-class investment solutions,” his web page says.
The Nashville branch website also addresses prospective brokers. “Whether you’re a current client who would like to review your portfolio, a prospective client that would like to learn more about our approach, or an advisor who wants to join an industry leader, we want to hear from you,” it says.
A Wells spokeswoman confirmed Wade’s departure. Wells Fargo Advisors’ Nashville branch has 16 remaining brokers, according to the branch’s website.
Wade began his brokerage career in 1991 with Lehman Brothers, and joined Wells Fargo in July 2008 after five years at Merrill Lynch in Mesa, Arizona, according to his BrokerCheck history. Aid, who had been with Wells since October 2008, began his brokerage career at NationsSecurities in 1994.
Separately, Wells Advisors’ private client group lost 37-year industry veteran Peter DeArcangelis and his team in Charlotte, NC, last week. The broker, who worked for more than 25 years at Smith Barney, Morgan Stanley and predecessor firms before joining Wells nine years ago, joined Ameriprise Financial on August 3, according to his BrokerCheck history.
DeArcangelis could not immediately be reached for comment.
Another FiNet team led by Michael Landsberg in Punta Gorda, Florida also announced last week that it had set up as an independent registered investment advisor through Fidelity Investments. Landsberg, who was named to seven of the last nine Barron’s Top 1000 Advisors lists, including in 2018, leads a team of three other advisors—Lew Bennett, Anthony C. Dubbaneh and Flor Mendoza—and five associates, according to Fidelity.