RBC Promotes a Top Broker to Lead $12 Billion-Asset Minnesota Complex
Lauri Droster, an RBC Wealth Management producing manager in Wisconsin and a top-quintile broker, has been promoted to run the Minneapolis-based firm’s eight-branch St. Paul complex.
She replaces Rob Andringa, a 20-year RBC veteran who died in May from colon cancer, according to a company spokeswoman. He was 51.
Droster, a member of RBC’s Chairman’s or President’s Councils since 2003, has been a top 1000 Barron’s broker and ranks #40 this year on Forbes’ list of top Wisconsin advisors and #347 on its list of the top 1000 “Women Wealth Advisors” in the U.S. Her five-person team manages $510 million in client assets, according to RBC.
Her management promotion comes amid a growing awareness of the lack of gender and racial diversity among advisors and managers that has been sharpened by recent Black Lives Matter developments. Edward Jones last month said it plans a “meaningful” change to a management roster that includes 9% people of color and 30% women, and to a brokerage force with 8% people of color and 21% women.
Merrill Lynch Wealth President Andy Sieg last year lamented the fact that though women control a rapidly growing amount of household assets they are underserved by largely male financial advisers.
“[A]s a woman, I bring a different perspective to the job,” Droster said in a prepared statement. “I know how to achieve organic growth, and I know the value of diverse teams. These will be top priorities for me and I’m thankful for this opportunity and the recognition from my firm.”
In Madison, Droster managed 12 advisors with about $1.4 billion in client assets and led a 37% increase in production since she took the branch reins in November 2015, according to the Royal Bank of Canada wealth unit.
She began her career in the financial industry in 1986 as a bank trust operations employee, and switched to wealth management in 1993 when she joined RBC predecessor Dain Rauscher, according to her BrokerCheck history.
Separately, RBC continued to recruit brokers across its national network. On Thursday, it reached into Merrill Lynch’s Jericho, NY, office on Long Island to hire Christopher R. Reilly, a spokesman confirmed.
Riley, a registered rep for 26 years, was generating about $920,000 in trailing-12 production on about $180 million in client assets at Merrill, according to a source who claimed familiarity with his book of business. He had been with the firm since 2009, and previously worked for 15 years at UBS, according to his Broker Check history.
Reilly, a solo practitioner who moved by himself, has a large book of business in managed advisory and brokerage accounts as well as retail municipal bond business, the source said.
Reached by phone, Reilly said he could not immediately comment on the reason for his move from Merrill. Both the wirehouse and RBC have been incentivizing brokers to sell deposits, loans and other products of their sister banks—Bank of America and City National Bank, respectively—to their investor clients.
RBC last week hired a Morgan Stanley team that was managing $500 million in client assets in St. Louis. In June, it recruited teams from Wells Fargo and Janney Montgomery Scott managing $260 million and $270 million, respectively, and a UBS veteran in New York City producing more than $7 million. In May, it lured a Morgan Stanley team in Manhattan that was managing about $650 million of client assets.