RBC Lures Top HighTower Talent Hunter
Advisors looking to jump ship might recognize an old face from a new firm in the coming months. RBC U.S. Wealth Management has scooped up a top recruiter from one of its rivals in a bid to ramp up advisor hiring, ThinkAdvisor writes.
Michael Parker, who will head RBC’s advisor recruiting, previously served as executive vice president and chief development officer at HighTower, according to the publication. Parker had been with HighTower since 2010, according to his LinkedIn profile. He had helped place HighTower among the top five firms in the industry in terms of recruitment, RBC claims in a statement cited by ThinkAdvisor.
Parker says in a statement that he joined RBC because “no other firm has been able to combine a boutique feel within an established, global financial institution without infringing on financial advisor autonomy, flexibility and choice,” the publication writes.
Hiring Parker is part of RBC’s strategy to take hiring “to the next level,” the firm says, according to the publication. RBC has also reshuffled or brought on new recruits to fill other top management slots in recents months. The company has named Sean Kellenberger as head of marketing, Amit Sahasrabudhe as head of strategy and technology, Ann Senne as head of advice and solutions, Angie O’Leary as head of wealth planning and Bryan Mullin as head of alternative investments, according to ThinkAdvisor.
Tom Sagissor, president of RBC U.S. Wealth Management, says in a statement that 2017 has been one of the best years for the company in terms of recruiting already, according to the publication.
Last week, RBC brought on Cason Swinn, Daniel Toll and Tahirih Toll, who previously oversaw $350 million at Merrill Lynch, ThinkAdvisor writes. In August, RBC lured a pair of Morgan Stanley advisors managing more than $500 million, while in July it recruited a Wells Fargo Private Bank regional brokerage manager. RBC now has 1,800 advisors overseeing $310 billion across 200 offices in 40 states, according to ThinkAdvisor.