RBC's campaign to attract billion-dollar teams from UBS took another turn in Louisiana on Monday, though it also lost ground to Janney in Texas as the private equity-backed broker-dealer made its debut in the state.
RBC announced it has officially expanded into Louisiana, opening a new branch in New Orleans with the five-person Heller Stieffel & Noto Wealth Management team.
The group, which managed more than $1.2 billion in assets at UBS, includes Mark Heller, Diana Dalton Stieffel, Andrew Noto, Terri Folkins, and Colleen Kirkpatrick. All members have deep roots in New Orleans and maintain client relationships that extend nationwide.
RBC’s president, Tom Sagissor, said in a statement that the firm has “experienced strong, sustained growth over the past several years” and is “extremely pleased to open in Louisiana.” He added that RBC aims to “work alongside top financial advisor teams to offer a holistic approach to wealth management for ultra-high-net worth and high-net-worth clients.”
The company said its new advisor assets through July increased by 67% compared to the same period last year, while its new advisor headcount has grown by more than 22% since 2020.
RBC Wealth Management now operates 195 offices across 43 states, serving high-net-worth clients with a range of wealth planning and investment services.
In September, the wealth firm's Canadian parent teased plans for further US expansion, with its CEO indicating the banking giant is considering snapping up "highly coveted" wealth management businesses.
“We want more customers, we want that relationship,” RBC chief executive Dave McKay told Bloomberg, admitting its interest in several "high-quality wealth franchises" for which it would likely have to compete with other buyers.
Janney Montgomery Scott is also expanding, announcing the opening of a Dallas office and the addition of West Haven Private Wealth, a team that previously managed more than $200 million in client assets at RBC.
The West Haven team is led by Lauren Johnson Housh and James Winkler, with support from Randi Walker. Janney has also hired Mark Giles as market development director to help drive further growth in Texas.
“Expanding into Texas has been a strategic priority for Janney, and we’re proud to open our Dallas office with West Haven Private Wealth,” said Kevin Reed, president of Janney’s private client group. He noted that Texas is “an important growth market for the firm,” with plans to focus on Austin, Fort Worth, and Houston as well.
Lauren Johnson Housh said the move to Janney allows the team to “strengthen the experience we deliver by combining the personal service and trusted guidance our clients rely on with the resources of a respected, growing firm.”
As part of the expansion, Janney’s Florida region has been renamed the Gulf region, reflecting its growth across the Southeast and into Texas. The region continues to be led by Frank Amigo, who said the new structure is “another important step in Janney’s long-term growth strategy.”
Last week, the firm made its plans for further expansion clear with the hiring of Kathy Capuano as its new head of advisor recruiting and market growth.
With the Dallas opening, Janney, which was acquired by KKR from Penn Mutual, now has 137 offices in 25 states.
UBS also announced on Monday that Daniel Holzer has joined its Westport, Connecticut office as a financial advisor.
Holzer, whose 28-year BrokerCheck record includes roughly two decades with Morgan Stanley, is distinguished by his expertise in structured products and his commitment to client service.
Jim Miller, market director at UBS Wealth Management, said, “His industry experience and dedication to his clients will be a great addition to our business, and we look forward to having him help us continue to expand our client offering in this key market.” Holzer said he is especially excited to join UBS because of its “unparalleled platform and reputation as the world’s leading global wealth manager.”
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