RBC Wealth Management continued picking off advisory teams from its rival UBS Group with its recruitment of an advisory team managing $1 billion.
RBC Wealth, a subsidiary of the Royal Bank of Canada, announced that Leawood, Kansas-based Total Wealth Management Group is joining it from Switzerland-based UBS. Total Wealth Management Group consists of seven advisors and other staff members, many of them with extensive industry experience.
It’s only the latest instance of a prominent wealth management team moving from UBS to RBC. In August, RBC announced that it had lured away a team overseeing $5.5 billion at UBS, a recruiting move that has since resulted in a lawsuit. Earlier in the month, RBC said it was bringing over a team that had managed $1.1 billion for UBS in Columbus, Ohio.
The Total Wealth Management Group team consists of:
Patrick McCarthy, a managing director and financial advisor John Brown, a senior vice president and financial advisorEric Taylor, a senior vice president and financial advisorScott Jones, a vice president and financial advisorPenny McKinney, an associate Vice President and senior financial associateLaGina Nicholas, an associate vice president and senior business associateJohn McCarthy, an associate financial advisor
Many of them started their careers at Piper Jaffray, a Minneapolis firm that merged with Sandler O’Neill in 2020 to become Piper Sandler. Most of them moved over to UBS in the mid-2000s.
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“This is a high-integrity, multi-generational team that has been doing the right thing for their clients for a long, long time,” Mark Borcherding, Kansas City Complex director at RBC Wealth Management, said in a statement.