RBC picks up Wells Fargo team with $350 million

Three advisers who produced $1.8 million joined RBC in Leawood, Kan.; one cites retirement of Danny Ludeman, former head of Wells Fargo Advisors, as contributing to move.
MAY 02, 2014
RBC Wealth Management has picked up a team of ex-Wells Fargo advisers who previously managed approximately $350 million in assets and produced around $1.8 million in annual feels in commissions. Advisers on the Move: Check out Wells Fargo's latest big adviser departures The team, which includes advisers Seymour Krinsky, Ken Eidson and Kyle Doege, joined RBC's Leawood, Kan., office in April, according to registration record with the Financial Industry Regulatory Authority Inc. The move marks something of a homecoming for Mr. Eidson, a 30-year industry veteran who began his career at Dain Bosworth Inc. Dain Bosworth eventually joined with RBC through a series of mergers. “For me this was a homecoming,” Mr. Eidson said in an interview. “My original sales assistant sits right outside my door.” Mr. Eidson, who was formerly with Wachovia Corp., said that he had been seriously considering moving since Danny Ludeman, a Wachovia veteran and former head of Wells Fargo Advisors, announced his retirement in November. “Danny came up through the ranks as an adviser and I always felt that he definitely knew what it was like to sit in our chair,” Mr. Eidson said. “I always had a great admiration for him.” Mary Mack, who was formerly head of Wells Fargo Advisors' financial services group, took over for Mr. Ludeman in January. He said he thought Ms. Mack was a “wonderful person and wonderful business person,” but ultimately decided he preferred the feel of a smaller firm. The other two team members were onboard with the decision. Mr. Krinsky has six decades in the securities industry. He started at Prudential Securities Inc. and had worked with Wells Fargo Advisors since 2003, according to Finra records. Mr. Doege began his career at Wells Fargo in 2010, records show. The three report to branch manager Mark Borcherding. Wells Fargo spokeswoman Rachelle Rowe confirmed the departures but declined to comment on the moves. RBC Wealth Management has more than 2,000 advisers, according to spokeswoman Ann Wasik.

Latest News

Retirement delays, Social Security fears prompt advisors to rethink income strategies
Retirement delays, Social Security fears prompt advisors to rethink income strategies

Concerns about outliving savings and healthcare costs are reshaping how "Peak 65" Americans and advisors approach income planning.

Merrill Lynch on the hook for $3.7M after clients claimed sale of unsuitable private equity
Merrill Lynch on the hook for $3.7M after clients claimed sale of unsuitable private equity

Some investors recently have seen million dollar plus decisions by FINRA arbitration panels involving complex products decisions go their way.

Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler
Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler

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.

RIA moves: Modern Wealth tops $8.5B AUM as Aspen expands in Connecticut
RIA moves: Modern Wealth tops $8.5B AUM as Aspen expands in Connecticut

Modern Wealth's latest deal for a California-based fee-only RIA marks its fourth acquisition of 2025.

Empower defends private market access in 401(k)s in response to Warren scrutiny
Empower defends private market access in 401(k)s in response to Warren scrutiny

Sen. Warren has warned of private market investment risks due to opacity, illiquidity, and past regulatory issues.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

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.