RBC Wealth Management Looks to Grow

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RBC Wealth Management is gearing up to continue its strengthening advisor recruitment and improve services for its in-house and independent advisors, reports FinancialAdvisorIQ.

Executive hires are part of the push. The Minneapolis-based business recently snagged HighTower’s Michael Parker to lead the recruiting for employee advisors.

And it hired Nate Angelo from Columbia River Advisors to head what the publication calls “the firm’s internal, FA-centric consulting efforts.”

RBC Wealth Management is having its best recruiting results in the past eight years for the fiscal year ending Oct. 31, according to a spokesperson.

Right now, RBC Advisor Services is custodian for about 65 RIAs, but that business plans to grow by recruiting breakaways and small firms, Brett Thorne, the head of the business, tells FinancialAdvisorIQ.

One attraction, he says, is a new tech platform designed “to offer a seamless experience,” Thorne says. It includes products from Redtail Technology, for CRM; MoneyGuidePro’s financial planning software, and Vestmark’s trade-order management system.

“In joining with firms like Raymond James, Ameriprise and Wells Fargo that straddle the divide between independent and so-called captive advice providers, RBC WM hopes to attract some FAs who, though headed for jobs in the full-service brokerage, may have an eye to independence down the road,” writes FinancialAdvisorIQ.


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