Why a Morgan Stanley Duo Split to RBC
Paul Roche III, Christopher Bayles and two associates join RBC Private Wealth as Insight Private Wealth, according to the press release. They previously operated as Family Wealth Directors at Morgan Stanley, RBC says. RBC Private Wealth focuses on high net worth individuals and families and offers estate planning, credit and lending solutions and insurance and asset protection planning, in addition to investment planning. The company’s access to investment banking and capital markets were “key factors” in Insight’s decision to make the move, Roche and Bayles say.
Additionally, RBC Wealth Management recruited Allen Smith from Hilltop Securities in Plano, Texas, where he managed $180 million, according to a separate press release from RBC.
RBC Wealth Management has also lured several executives from its rivals in recent months. In July, the firm hired a Wells Fargo Private Bank regional brokerage manager to head up its Houston office. RBC also picked up a Morgan Stanley branch manager in May.
Separately, Summit Trail Advisors has scooped up two advisors managing $500 million at Fischer and Company, according to a press release. Justin Waterman and Sarah Silverio join the New York headquarters of Summit, an independent advice practice on the Dynasty Financial Partners network. Founded in 2015, Summit now counts 15 advisors managing $4 billion across offices in New York, Boston, Chicago and San Francisco.