RBC Recruits from Wells and Alex. Brown in Wisconsin and Texas
While broker movement among large firms has been in a long-term slump, regional broker-dealers such as Minneapolis-based RBC Wealth Management-U.S. and Stifel Financial say they are scoring.
RBC has hired Wells Fargo Advisors broker James P. Dunn in Brookfield, Wisconsin, where he had overseen around $250 million in client assets at his former employer, according to an RBC spokeswoman.
In Houston, Texas, 32-year industry veteran Daniel Austin joined RBC from Raymond James Financial’s Alex. Brown unit. Austin, who had been with Alex. Brown and its Deutsche Bank predecessor since 2006, was overseeing less than $100 million in assets, an RBC spokeswoman confirmed.
RBC, Raymond James and Wells remain in the Protocol for Broker Recruiting, which permits advisors to move among signatory firms with some client-contact information, but which can expose larger firms such as Wells to being picked off. Rival wirehouses Morgan Stanley and UBS pulled out of the pact late last year.
In a move to protect its flanks as it battles attrition-causing headlines about the fake-account scandal at Wells Fargo Bank, Wells Fargo Advisors has rolled out a premium deal for recruiters who help lure brokers to its ranks through the end of September. On Tuesday, however, Wells lost veteran New Jersey branch manager Tom Thives to Stifel.
Dunn, who moved to RBC with two associates last week, had been with Wells Fargo and predecessor firms for 33 years, beginning at Blunt Ellis & Loewi in 1984, according to his BrokerCheck history.
Reached at his new office, he declined to comment on the move other than to say he has had plenty of time to evaluate his choice of RBC.
Austin, who joined RBC on Monday, according to BrokerCheck, declined to comment on his reasons for leaving Alex. Brown. The Raymond James division is in the midst of reorganizing its sales management hierarchy in a bid to gin up growth, which has been sluggish since Deutsche Bank sold it 18 months ago.
RBC, to be sure, is sometimes on the losing side of the broker-count ledger. Last month the $600 million-asset team of Randolph “Randy” Price and his son, Matthew, left RBC’s Houston office to become registered investment advisors with Steward Partners, which uses Raymond James as its clients’ custodian and broker-dealer.