Advisor moves: RBC lands $1B UBS team in Pittsburgh

RBC Wealth Management has recruited yet another team from UBS, announcing on Thursday that it added an advisor trio overseeing a billion dollar-plus book in Pittsburgh.

The hire leads a round of advisor moves that also brought a $400 million Morgan Stanley veteran to Wells Fargo Advisors in Florida, and a Cetera advisor that launched her own independent practice with LPL.

RBC adds $1 billion UBS team in Pittsburgh

The Nepa/Susco Team, which reported more than a billion dollars in client assets from UBS, has moved to RBC’s Pittsburgh North branch.

Raymond Nepa and Jennifer Susco, both managing directors and financial advisors, lead the five-person group. They are joined by Julia Munchel, first vice president and financial advisor; Karen Venneri, senior investment associate; and Max Freed, client associate.

The team, whose members have a combined 70 years in the industry, works with ultra-high-net-worth and affluent individuals, families and business executives on investments, risk management and estate planning.

Frank Albanese, director of RBC’s Great Lakes complex, said the firm’s structure won the team over. “What stood out to the Nepa/Susco Team about RBC was the genuine culture of collaboration, having decision-makers close at hand, and the sheer breadth of resources they can tap into for their clients,” he said.

The Pittsburgh hire adds yet another notch to the record of UBS teams decamping to RBC this year. A state-of-the-industry report by Diamond Consultants found that as of the first half of this year, RBC was the third-leading destination for advisors leaving UBS, behind Wells Fargo and Morgan Stanley.

Read more: Advisor moves: UBS loses $2 billion in teams as RBC and Raymond James move in

Wells Fargo adds Morgan Stanley veteran in Naples

Eric Smith has joined Wells Fargo Advisors in Naples, Florida, from Morgan Stanley, where he oversaw more than $400 million in client assets.

With more than two decades in the industry including earlier stints at UBS and Merrill, Smith works with high-net-worth individuals and families, business owners, executives and organizations.

Smith joins the Naples branch led by Brian Schoenle. The branch is part of Wells Fargo’s Florida Gulf Coast market, led by Marc Beshany.

The office has become a recruiting hub for the firm in Southwest Florida. Earlier this month it added the $410 million Strong Wealth Management Group, and in April it brought on the $466 million DiGiorno Wealth Management Group. 

Ex-Cetera advisor launches Kinetic Wealth with LPL

Kacy Walker has left Cetera to start Kinetic Wealth, an practice affiliated with LPL's supported independence model.

With a 7 year-long BrokerCheck record, Walker reported serving approximately $300 million across retirement plans and individual wealth management relationships at her previous firm, with a client base that includes retirees and business owners.

“Every relationship starts with listening,” she said in a statement. “Before we talk about solutions, we want to understand what someone is navigating, where they need guidance and what is happening in their life.

Having built her career in the Fresno, California area, she chose to join LPL Independent Advisor Network, LPL’s supported independence model, which gives advisors hands-on transition support and growth coaching.

“I wanted to sustain our independence and build the firm around what our clients need,” she said.

Kinetic Wealth will offer holistic planning services that run the gamut from budgeting and retirement preparation to investment planning, debt management and estate planning.

Last week, Independent Advisor Network welcomed another California-based firm, Economos Private Wealth, which was founded by a $580 million team formerly with Merrill Lynch.