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September 19, 2019

RBC Names New Recruiting Head for U.S. Wealth Business

by AdvisorHub Staff
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Kristen Kimmel, RBC's new recruiting head for U.S. Wealth Business
Kristen Kimmel, RBC's new recruiting head for U.S. Wealth Business

RBC Wealth Management-U.S. has named Kristen Kimmell, a senior executive with almost 25 years of experience at the firm, to oversee advisor recruiting. 

Kimmell, who was most recently chief of staff to RBC Wealth CEO Michael Armstrong, is tasked with stepping up recruiting and increasing diversity in the firm’s brokerage ranks, which now includes around 1,900 advisors, the Royal Bank of Canada unit said on Thursday. 

Kimmell began her career at RBC predecessor Dain Bosworth in 1995 as an accounting supervisor. (RBC acquired the Minneapolis regional broker-dealer in 2000.)

Both the number of recruits and the level of their production have increased two-and-a-half times from three years ago, Kimmell said in an interview, noting that she wants to keep up that momentum while adding more women to teams and management.

“All branch directors and complex directors responsible for recruiting have stepped up their game in telling our story,’ Kimmell said

In her new post, she replaces Michael Parker, who left RBC after 16 months in March to become Northeast head of recruiting at Rockefeller Capital Management.

Kimmell has been RBC Wealth’s chief of staff since 2010, according to a firm biography that described the role as “a combined chief administrative officer and chief operating officer.” She also oversaw credit strategies and business development for the bank-owned wealth management firm. 

Armstrong in a prepared statement touted Kimmell’s “out-of-the-box thinking and ability to bring together teams” as a key to her career success.

“She’s very bright, a quick study, capable and someone you can have a beer with,” said a branch manager who spoke on condition of anonymity.

The new role positions Kimmell as one of the few women in the wealth management industry  to run recruiting, the company said, and comes as diversity has become a major focus of hiring. (Katherine Mauzy heads recruiting at Edward Jones, the largest firm by broker headcount.)

RBC has grown its female advisors by 23% in the past two years to around 300, and the number of women in branch management has doubled in that period, Kimmell said. 

In recent weeks RBC has hired brokers from wirehouses in Colorado, Pennsylvania and Georgia. 

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Comments (11)
  • on Sep 19 2019, Danny Boy says:

    Typical C-suite thinking. Hire one of the current regime’s insiders versus somebody who has actually been an advisor and knows the branch dynamic. A real BofA move. Ridiculous.

    > Reply to Danny Boy
    • on Sep 19 2019, Boy Danny says:

      Jealous much? She’s incredibly well-respected among RBC’s field leaders and in the industry. Plus, RBC is recruiting like crazy. Smart move.

      > Reply to Boy Danny
      • on Sep 19 2019, Philip says:

        Jealous? the day anyone is jealous of anything RBC does is far far far away….. its a small company with a small mentality poorly run. Talk to people that have been at the firm for more than four years and they are all ready to kill themselves. Few good things come out of Canada- RBC IS NOT ONE OF THEM-

        > Reply to Philip
        • on Sep 19 2019, Gee says:

          Couldn’t have SAID IT BETTER

          > Reply to Gee
        • on Sep 19 2019, Boy Danny says:

          Jealous much? 20+ years here. Free to run my business my way. Small-firm culture. Recruiting like crazy (and yes, the weak ones leave). I could go on…

          > Reply to Boy Danny
          • on Sep 19 2019, Combat Wombat says:

            Boy Danny, 20+ years at that regional shop means you’ve wallowed in mediocrity your entire career, unencumbered, banging our small stock trades. There’s a reason she’s trying to upgrade the sales force. Look in the mirror.

          • on Sep 23 2019, Ronnie Stuhls says:

            Sounds like RBC propaganda. Truth is….current management has totally RUINED the culture. Those who leave realize they have been lied to and betrayed. Every year brings payout cuts and benefit reductions. Kristen Kimmel is the first person to be promoted from within for years!

      • on Sep 19 2019, Danny Boy says:

        The RBC PR drones are hard at work tonight. Jealous of what tool?

        > Reply to Danny Boy
  • on Sep 19 2019, Anti-Pandering says:

    I wish these firms would all stop tripping over themselves trying to increase diversity and just focus on hiring good people in general, irrespective of their skin color or genitalia. This has gotten beyond ridiculous.

    > Reply to Anti-Pandering
    • on Sep 19 2019, WooWoo says:

      You nailed it. Thank you.

      > Reply to WooWoo
      • on Sep 19 2019, Ssix says:

        I agree they had a very good Operations dept in nyc and they got rid of them because they felt they could do better and finds out that it was more than they can handle. They always think they know better.

        > Reply to Ssix

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