RBC Snags Merrill Lifers near Philly, Third Veteran Stays Behind
(Adds brokers’ production of $2.6 million in second paragraph.)
RBC Wealth Management said it lured a pair of lifetime Merrill Lynch veterans who were managing $465 million of customer assets to its Conshohocken, Penn., offices, asserting that they were looking for a unique culture after more than 25 years apiece at Merrill.
Jim Senderling and John Robbie, together with two client associates, made the move on July 5, according to their BrokerCheck records. They produced $2.625 million of fees and commissions in the past 12 months, an RBC spokeswoman said.
Senderling had worked since the start of his brokerage career in October 1990 at Merrill’s Jenkintown office, and Robbie similarly spent his 25-year brokerage career at the firm.
“The decision to move to a different firm didn’t happen overnight,” Senderling said in a prepared statement. “After careful consideration, we made the decision to join RBC Wealth Management because of the unique culture, as well as the management team who truly believe that clients come first.”
A Merrill spokeswoman declined to comment, and neither Senderling nor Robbie returned requests for further comment on their suburban Philadelphia move.
Mitchell L. Dressler, listed on the Senderling team’s former website as a senior consultant, remains at Merrill, said a client associate answering his phone. Dressler, who has been with Merrill since 1971, was out of the office on Thursday and did not immediately return a request for comment.
The Royal Bank of Canada affiliate, which has about 1,800 U.S. brokers to Merrill’s almost 15,000, has stepped up its recruiting of experienced advisers at a time when its larger competitors have cut their hiring budgets and focused instead on retention and rewarding asset growth.
But RBC recently told managers that it plans to adopt its wirehouse competitors’ strategy of focusing brokers more intensively on serving wealthy households by incentivizing them to refer customers with household accounts under $100,000 to a call center and by cutting payouts on small accounts that they retain.