Industry News

RBC picks up Wells Fargo team with $350 million

Three advisers who produced $1.8 million joined RBC in Leawood, Kan.; one cites retirement of Danny Ludeman, former head of Wells Fargo Advisors, as contributing to move.

RBC Wealth Management has picked up a team of ex-Wells Fargo advisers who previously managed approximately $350 million in assets and produced around $1.8 million in annual feels in commissions.
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The team, which includes advisers Seymour Krinsky, Ken Eidson and Kyle Doege, joined RBC’s Leawood, Kan., office in April, according to registration record with the Financial Industry Regulatory Authority Inc.
The move marks something of a homecoming for Mr. Eidson, a 30-year industry veteran who began his career at Dain Bosworth Inc. Dain Bosworth eventually joined with RBC through a series of mergers.
“For me this was a homecoming,” Mr. Eidson said in an interview. “My original sales assistant sits right outside my door.”
Mr. Eidson, who was formerly with Wachovia Corp., said that he had been seriously considering moving since Danny Ludeman, a Wachovia veteran and former head of Wells Fargo Advisors, announced his retirement in November.
“Danny came up through the ranks as an adviser and I always felt that he definitely knew what it was like to sit in our chair,” Mr. Eidson said. “I always had a great admiration for him.”
Mary Mack, who was formerly head of Wells Fargo Advisors’ financial services group, took over for Mr. Ludeman in January.
He said he thought Ms. Mack was a “wonderful person and wonderful business person,” but ultimately decided he preferred the feel of a smaller firm.
The other two team members were onboard with the decision.
Mr. Krinsky has six decades in the securities industry. He started at Prudential Securities Inc. and had worked with Wells Fargo Advisors since 2003, according to Finra records. Mr. Doege began his career at Wells Fargo in 2010, records show.
The three report to branch manager Mark Borcherding.
Wells Fargo spokeswoman Rachelle Rowe confirmed the departures but declined to comment on the moves. RBC Wealth Management has more than 2,000 advisers, according to spokeswoman Ann Wasik.