RBC Recruits UBS Team Managing $1.5 Billion in Florida as Rival's U.S. Advisor Count Falls
Updated
Updated · Wealth Management · Jul 30
RBC Recruits UBS Team Managing $1.5 Billion in Florida as Rival's U.S. Advisor Count Falls
3 articles · Updated · Wealth Management · Jul 30
Summary
$1.5 billion in client assets moved with a seven-person UBS team that joined RBC Wealth Management in Palm Beach Gardens, Florida, strengthening RBC's reach with business owners and ultra-wealthy families.
Focus Wealth Management said it chose RBC for direct access to local leadership and a client-first culture, aligning with RBC's push to expand its ultra-high-net-worth capabilities.
RBC is in hiring mode: CEO Neil McLaughlin said in March the firm aims to add 600 advisors by 2029, and it recently hired a six-person Stifel team in Dallas managing $1.6 billion.
UBS reported 5,644 U.S. advisors at the end of June, down from 5,773 a year earlier, though CFO Todd Tuckner said elevated industrywide adviser movement should normalize through 2026.
How will RBC's aggressive acquisition of top-tier advisory talent reshape the way ultra-wealthy families manage their complex fortunes and business exits?
Can RBC sustain its multi-billion-dollar recruiting spree, or will this aggressive expansion strategy eventually backfire on the firm's bottom line?