RBC Wealth Management recruits $1 billion adviser team from Morgan Stanley

A team of advisers with about $1 billion of client assets has left Morgan Stanley for RBC's wealth management business. The Evergreen Group joined RBC's office in San Antonio, according to a statement Tuesday from RBC Wealth Management. Most of the five financial advisers and two client associates will operate in the firm's new Lufkin, Texas, office as well as San Antonio. (More: See all the latest moves in the InvestmentNews Advisers on the Move database) The team, which has produced about $3.6 million annually, includes Phillip Friesen, Chuck Crowson, John Friesen, Greg Bowman and Josh Zeleskey. The two associates are Karen Ronaghan and Bonnie McKinney. Christine Jockle, a spokeswoman for Morgan Stanley, confirmed the departure of the advisers and declined further comment. RBC Wealth Management has $284 billion in total client assets and about 1,800 financial advisers in 40 states. Last week, the firm added another adviser in Texas. John McIntyre, who oversees about $100 million in assets, joined RBC Wealth Management in Houston from Wells Fargo & Co., according to the statement. (Click here to submit a move to our database)