RBC Snags Nine-Person UBS Team Managing $600 Million
RBC Wealth Management-U.S. boasted on Wednesday that it lassoed a five-broker team from UBS Wealth Management USA in Fort Collins, Col., that was managing about $600 million of client assets largely on the basis of digital recruiting tools.
Burkett and Crossett, who joined as senior vice presidents, did not return a request for comment on their reasons for leaving UBS or on how long they had been negotiating.
“We were able to pivot early on in the process and move to a more digital and virtual platform,” Kristen Kimmell, head of recruiting for the Royal Bank of Canada brokerage unit, said of the firm’s coronavirus-era efforts to expand.
RBC, which has about 2,000 brokers, last week recruited the Austin, Texas, team of Steven Franco and David Storer from Wells Fargo Advisors. They were managing about $417 million in client assets, RBC said.
Despite adhering to travel and social distancing restrictions, RBC intends to continue pressing stepped-up offers to experienced advisors, according to Kimmell. In December, RBC lured a UBS team that was producing about $12.5 million on $7.5 billion of customer assets to open its first branch in downtown Los Angeles.
UBS, for its part, recruited Justin Low, a $4.1-million advisor from Morgan Stanley in Phoenix, earlier this month. UBS employs more than 6,000 advisors in the U.S., but has de-emphasized recruiting of experienced advisors in the past three years.
Burkett and Crossett joined UBS in 2009 and 2001, respectively, after careers that began for Burkett in 2004 with Edward Jones and for Crossett with PruCo Securities in 1992. Their team also includes Scott and Donald “Tack” Baker, brothers with 39 and 38 years of experience as brokers, and Kyle Danford, an associate advisor.
Scott T. Baker, a senior vice president who began his career at local Denver firm Boettcher & Co. in 1980, worked for more than 15 years at Merrill Lynch before joining UBS five-and-a-half years ago. His brother, a vice president, began his career with Boettcher in 1975 and spent 17 years with Merrill prior to the November 2014 jump to UBS. Danford started his career with Merrill in 2012 in Fort Collins, and also moved to UBS with the Bakers in 2014.
The team, the Northern Colorado Wealth Management Group, also includes three client associates and a senior “financial associate” who shifted from UBS.
“This new experienced team was among the first to meet us online instead of in-person,” Dan Ball, director of RBC’s Denver complex said in a prepared statement. “We continue to adapt with virtual and digital recruiting tools, allowing us to show the industry’s best advisors everything about RBC, even if we’re taking those meetings while working from home.”
Raymond James Financial, another active recruiter, has also said that it is adapting to the restrictive environment by hosting digital tours and meetings with prospects who typically visit its St. Petersburg, Fla. headquarters. But CEO Paul Reilly acknowledged that many advisors will postpone their moving plans because of the crisis and said on an April 30 earnings call that the firm will be “very slow and deliberate” about moving employees back to their offices.
RBC said it continues to operate its 176 locations in 42 states with skeleton crews while most advisors and staff work remotely.