RBC, LPL Pull Brokers from Merrill, Wells Fargo
RBC Wealth Management-U.S. and LPL-affiliated Gladstone Wealth Group landed two wirehouse teams this week, hiring a $426 million-asset team from Merrill Lynch and a million dollar-producer from Wells Fargo Advisors, respectively.
Describing them as advisors to high-net-worth business owners and professionals, RBC said they joined because of its “smaller-firm culture, coupled with access to the global resources of RBC.”
“The firm also has a strong reputation of always acting in the best interests of clients, which is important to us as we continue to build wealth management strategies designed to meet our clients’ needs and goals,” Gounaris said in a prepared statement.
The brokers did not respond to requests for comment.
RBC last month recruited a $192-million-asset team in Texas from Merrill.
In New Jersey, Gladstone Wealth Group on Tuesday hired James Michalski, a sole practitioner who was managing about $112 million of client assets at Wells Fargo Advisors.
Michalski, who produced about $1.1 million in fees and commissions in the previous 12 months, is based in Pompton Plains, N.J., according to Gladstone CEO Richard Frick.
Michalski had worked at Wells for 19 years. He began his brokerage career in 1996 with Paragon Capital Corp.,a firm that Finra expelled in 2004, and also sojourned at Dean Witter Reynolds, Fiserv Investor Services, Summit Financial Services and Wells predecessor First Union Brokerage Services, according to BrokerCheck. He did not respond to a request for comment on the reason for his move.
Gladstone, which works with 66 independent broker teams in 34 offices, last week hired Anthony Caruso, a $500,000 producer who had been with Ameriprise Financial’s employee channel.