RBC Wealth Management has strengthened its presence in New Jersey by adding a veteran financial advisor and his team to its Paramus office.
The firm announced Friday that it’s welcomed The Callot Wealth Management Group, previously affiliated with Merrill Lynch. The former wirehouse group is bringing over approximately $640 million in client assets.
The new team at RBC Wealth Management includes:
“We feel that RBC Wealth Management is the right place for our team because of its global capabilities and supportive, yet entrepreneurial, culture,” said Callot, who boasts 32 years of experience earned at Merrill Lynch.
“The Callot Wealth Management Group is a highly sophisticated team of financial professionals, and their dedication to clients aligns perfectly with our firm’s values,” said Steve Ornstein, North Jersey complex director for RBC Wealth Management, whom the team will be reporting to.
RBC Wealth Management’s latest addition comes several weeks after a nearly $1 billion team from Truist joined its advisory network in Virginia.
The Callot team are also arriving at an interesting time for RBC Wealth Management’s broader organization. On Thursday, Royal Bank of Canada, its parent in the North, unveiled a plan to shake up its executive leadership following RBC’s acquisition of HSBC Bank Canada earlier this year.
Among the changes effective September 1, Doug Guzman, the current group head of RBC Wealth Management and Insurance, will take on the role of RBC’s deputy chair. Neil McLaughlin, currently group head of Personal and Commercial Banking, will help fill the void Guzman leaves behind as the new group head of RBC Wealth Management.
Dave McKay, who has been with RBC since 1993 and took on the CEO role in 2014, indicated that he will stay to helm the ship as McLaughlin and other new executives get to grips with their responsibilities.
“I’m personally energized by the opportunity to work with these extraordinary leaders in the coming years as they take on new roles and responsibilities on our Group Executive leadership team,” McKay said in a statement announcing the move.
"Im glad to see that from a regulatory perspective, we're going to get the ability to show we're responsible [...] we'll have a little bit more freedom to innovate," Farther co-founder Brad Genser told InvestmentNews.
Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.
Taking a systematic approach to three key practice areas can help advisors gain confidence, get back time, and increase their opportunities.
Meanwhile, Osaic lures a high-net-worth advisor from Commonwealth in the Pacific Northwest.
The deals, which include its first stake in Ohio, push the national women-led firm up to $47 billion in assets.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
