RBC lures two ex-Merrill Lynch teams in the Northeast

RBC lures two ex-Merrill Lynch teams in the Northeast
Collectively, the two veteran advisor groups in Maryland are bringing around $900M in client assets to RBC’s wealth advisory business.
MAY 14, 2024

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.

Latest News

SEC accuses RIA firm, owner of violating settlement in multi-year fraud
SEC accuses RIA firm, owner of violating settlement in multi-year fraud

Commission says that fund and its investors lost $1.6M as a result.

Anderson, Baltch step up as co-heads of Dynasty's investment banking business
Anderson, Baltch step up as co-heads of Dynasty's investment banking business

Experience at Goldman Sachs, UBS will serve new leaders well in their new roles.

US equities have never been this out of favor with fund managers
US equities have never been this out of favor with fund managers

BofA survey finds record low exposure to US stocks.

Who has Trump picked as his top Fed enforcer?
Who has Trump picked as his top Fed enforcer?

Appointment cheered by Wall Street amid expectation of supportive tone.

S&P bulls focus on corporate execs for positive signals on stock rout
S&P bulls focus on corporate execs for positive signals on stock rout

Stock pickers are keenly observing leaders buying their own firm's shares.

SPONSORED Beyond the all-in-one: Why specialization is key in wealth tech

In an industry of broad solutions, firms like intelliflo prove 'you just need tools that play well together'

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies