RBC lures two ex-Merrill Lynch teams in the Northeast

RBC Wealth Management has expanded its presence in the Northeastern US as it swipes two seasoned advisor groups from Merrill Lynch.

On Tuesday, the wealth giant announced that it has welcomed two veteran financial advisor teams to its Bel Air, Maryland branch.

The two groups are also adding to RBC’s already-colossal wealth business, with $570 million in client assets across a 2,100-strong financial advisor force, as they bring over a collective $900 million between them.

The Barnes Group, with $600 million in client assets, is led by David Barnes. A financial advisor with 30 years of experience, he is joined by Paula Gay, client associate.

Barnes expressed enthusiasm about the transition, stating, “We made the decision to join RBC Wealth Management because of its unique culture, as well as the management team who truly believe that clients come first.”

Meanwhile, the Pollard Team, led by 30-year veteran advisor Kevin Pollard brings $300 million in client assets to RBC. Apart from him, the team also includes Paul Sierocinski, senior business associate, and Victoria Webster, client associate.

“We made the decision to join RBC Wealth Management because of its unique culture, as well as the management team who truly believe that clients come first,” Barnes said.

“We’re excited, both for our team and for our clients, about the capabilities and opportunities our move to RBC will provide,” Pollard said.

Warren Bischoff, the director of the mid-Atlantic complex at RBC Wealth Management, hailed the move in Maryland as proof of the firm’s continued ability to “attract the very best advisors and teams.”

Early in April, RBC wealth notched a $500 million win for its advisor business as it onboarded a pair of multigenerational teams to its Western US division.

It lost ground at the end of the month as two sports-focused advisors in California switched teams, joining San Diego-based EP Wealth.

Related Topics: Merrill Lynch, RBC Wealth Management