RBC Wealth Management is restructuring its private client division in a bid to better position itself for growth in the western US.
On Monday, the firm revealed that it's revamping the organizational structure of its private client group, expanding it from three to four divisions to capitalize on growth in the western US.
The reorganization, effective November 1, will split the existing West division into two new regional groups that will each focus on specific markets.
Colin Hawkes, currently the Pacific Northwest complex director, will be promoted to lead the restructured West division, overseeing 34 branches across Washington, Oregon, California, and Nevada. Hawkes, who joined RBC Wealth Management in 2023 and brings over two decades of industry experience, is expected to drive growth in these key areas.
“Adding Colin Hawkes to our divisional leadership team will bring more support for our advisors and help position RBC Wealth Management to accelerate our growth on the West Coast,” Tom Sagissor, president of RBC Wealth Management, said in a statement.
Meanwhile, Darryl Traweek, the current West division head, will take charge of the newly established Mountain South division. Traweek, a leader who's been with the firm since 1994, will focus on expanding RBC’s presence across that unit's 32-branch footprint, which covers Texas, Arizona, New Mexico, Nevada, and other mountain states.
“By splitting our current West division into two, our divisional directors will be better able to concentrate on growth opportunities in high-potential markets, while continuing to provide key support to our financial advisors and clients,” added Sagissor.
Wally Chapman and Pat Vaughan will continue to direct RBC’s Central and East divisions, respectively, the firm said, adding that the new four-division arrangement "will accelerate advisor recruiting and drive growth initiatives across RBC Wealth Management’s Private Client Group."
RBC's focus on the West Coast wealth market was apparent even in early August, when it announced it had hired Marcel TenBerge, a multi-decade veteran of the industry from Merrill Lynch, to lead its Southern California complex.
Earlier this month, LPL strengthened its own Western US profile with a new 43,000-square foot facility in Tempe, Arizona, adding to its existing offices in San Diego, California, and Fort Mill, South Carolina.
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