Advisor moves: RBC lures $705M Morgan Stanley team in Fargo

This second week of November has been a busy one for wirehouse defections, with RBC, Merrill Lynch, and Raymond James each reporting advisor additions from rivals in the bank-based advisory channel.

RBC adds $705 million team in North Dakota

RBC Wealth Management extended its presence in Fargo, North Dakota, with the addition of the McGrath Group, a team previously with Morgan Stanley that managed more than $705 million in client assets. The group is led by Patrick McGrath, who is joined by Dylan Droegemueller and Shannon Nordick.

According to the firm, the team was drawn to RBC’s resources for business owner clients, including support for employee stock ownership plans and cash management, as well as its fixed income offerings.

Lauri Droster, Wayzata complex director emeritus at RBC, said in a statement that McGrath is recognized for his “strong work ethic, sound financial principles and disciplined investment strategies.”

Before entering the advisory business, McGrath spent over a decade in mergers and acquisitions, which the firm says gives him a unique perspective on business growth and liquidity needs.

Earlier this week, RBC added to its continuing streak of recruitment from UBS, establishing its first Louisiana presence with a $1.2 billion team.

Merrill Lynch welcomes $420 million Morgan Stanley team

Merrill Lynch has brought on a new advisor team in Alpharetta, Georgia, with Scott Schoenberg and Wes Smith joining from Morgan Stanley.

The pair bring a combined 42 years of industry experience and oversaw $420 million in assets prior to the move, with annual production exceeding $3 million.

Schoenberg joins as managing director and was recently recognized on the 2025 Forbes Best-In-State Wealth Advisors list, while Smith joins as vice president. The team is supported by wealth management specialist Elaina Perez and will operate as part of the Atlanta Buckhead market.Merrill Lynch’s Atlanta Buckhead market is led by senior market executive John Inhouse and senior resident director Tom Singh.

Raymond James entices breakaways from Wells Fargo, Morgan Stanley, JPMorgan

Raymond James & Associates, the employee advisor arm of Raymond James, has brought in several advisors from major wirehouses in recent days.

In Florida, twin brothers Hugo and Manuel Porro have joined from Morgan Stanley, bringing approximately $150 million in client assets. Operating as Porro Financial Group of Raymond James, the siblings serve a range of clients including business owners and family offices. 

Also in Florida, RJA welcomed Haim Sander, who joins after 16 years at Wells Fargo where he managed $250 million in client assets. Sander said he has helped families “retire confidently and transfer wealth effectively” for more than two decades, and that Raymond James supports that mission with a “client-first culture, stable leadership and strong private wealth capabilities.”

In Spokane, Washington, Vincent McPhail has also joined from Wells Fargo, where he managed $115 million in assets. McPhail, whose BrokerCheck record started at Edward Jones, said that after extensive due diligence, he found Raymond James to be “deeply committed to prioritizing clients’ best interests,” and that the firm empowers advisors to deliver service “without sacrificing investment breadth or quality.”

Meanwhile in Utah, Garrett Coates hopped to RJA’s Cottonwood Heights office from JPMorgan, previously managing $185 million in client assets. With a diverse clientele of business owners, corporate executives, and retirees, he said “effective planning begins with understanding the people behind the numbers."