RBC Wealth Management just brought on two financial advisors for its newest branch, the second opening to be announced this month.
Coming from J.P. Morgan Securities to the new branch in St. Louis are branch director Brian Bell and advisor Aaron Foster. Collectively, they managed about $200 million in assets at J.P. Morgan, according to RBC.
Earlier this month, RBC announced a branch opening in Nashville. The first hire there was Jim Aid from Wells Fargo Advisors, who managed $900 million in client assets there, according to RBC.
Dave Myers, director of the RBC Kansas City, Missouri, complex, and Mark Borcherding, director of the Leawood, Kansas, branch, were tasked in November with finding new hires to open the Saint Louis and Nashville branches, they say. They expect St. Louis and Nashville each to be able to hire eight to 10 advisors in one year.
Myers says Bell and Foster were attracted to RBC’s technology, potential for growth and company culture.
“We have a mentality, a culture, that we pull products, we don’t push products,” Myers says.
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The wirehouse has lost a steady stream of brokers over the past year and a half.
May 29 -
While a search is underway to replace Howard Plotkin, his duties are being handled by global Chief Compliance Officer David Lang.
June 12 -
Advisors say they are becoming more dissatisfied with the way wirehouses are managed.
June 1
RBC recently opened a branch in
Year-to-date, RBC says it has hired 71 financial advisors.
Brian Bell spent 13 years at J.P. Morgan, according to FINRA BrokerCheck, and 11 years at Merrill Lynch before that. He managed $175 million at J.P. Morgan, according to the firm.
Aaron Foster spent seven years at J.P. Morgan and before that at Merrill Lynch for six years, , according to FINRA BrokerCheck.
The move has been well-received by Bell and Foster’s clients, say Myers and Borcherding.
J.P. Morgan Securities declined to comment on the departures.
