The competition for talent in the wirehouse and broker-dealer spaces continued in earnest this week, with RBC, LPL, and Ameriprise each announcing new additions in the West Coast and Southern US.
RBC Wealth Management said it hired the Fogarty Hernandez Wealth Management Group, led by advisors John Fogarty and Eric Hernandez, to its Los Angeles office from UBS, where the team oversaw $660 million in client assets.
In a statement, Marcel TenBerge, southern California complex director at RBC Wealth Management, described the duo as “well-respected in the area for cultivating strong client relationships.”
RBC said its evolving ultra-high-net-worth platform and capabilities are helping attract advisors who focus on that segment and are looking for broader resources to deliver holistic wealth planning.
Fogarty and Hernandez are the latest in a long string of UBS defectors that have joined RBC since last year, including the $1.2 billion Heller Stieffel & Noto Wealth Management team in New Orleans and another billion-dollar-plus group that joined RBC in September.
On the independent broker-dealer side, LPL Financial added Rand, Williams & Associates in Monterey, California.
Advisors Spencer Rand and Michael Williams, who previously reported serving about $260 million in advisory, brokerage and retirement plan assets, joined LPL’s broker-dealer and RIA platforms from Osaic.
The practice traces its roots to a firm started 40 years ago by Rand’s father, William Rand, with an initial focus on educators, nonprofits and airline professionals. It has since grown into a multigenerational business serving high-net-worth households on California’s Central Coast.
Rand and Williams each have more than two decades of experience and have been partners since 2012.
“We take the time to understand each client’s perspective on money — their values, frustrations, and how their beliefs around finances originated,” Rand said, emphasizing the practice's goal to help clients connect with their money in a way that makes them feel “confident and empowered.”
Williams said the move to LPL was driven in part by a desire to pair the team-based structure of the practice with a larger firm’s technology stack. “We believe in maximizing each team member’s unique skill sets and strengths, and we share all of our clients, so everyone benefits from our collective expertise,” he said.
The advisors cited LPL’s investments in technology, compliance, and security, saying they expect the platform to streamline operations and free up more time for client work.
In the bank channel, Ameriprise Financial said father-son advisors Bryan and Hayden Hildebrand have joined Community Wealth Services, a financial advisory practice within the Ameriprise Financial Institutions Group that serves clients of Community Bank of Louisiana in Shreveport.
They moved from Edward Jones with nearly $190 million in client assets, alongside client service specialist Abigail Sibley.
“Clients have always been the foundation of our work. Partnering with a firm that shares this commitment allows us to continue raising the bar for excellent service and care,” Bryan Hildebrand said, calling the Ameriprise and Community Bank of Louisiana relationship “the ideal fit for our clients and for us.”
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