Merrill Lynch Loses $550M Team to Increasingly Important Competitor
Nick Ciriello and Elizabeth Zimmer join RBC in Beverly Hills, Calif., as the Ciriello Group, the publication writes. They previously managed $550 million, according to ThinkAdvisor. Ciriello has been in the industry for 18 years, 16 of which he spent at Merrill Lynch, the publication writes. Zimmer began her industry career at Merrill Lynch three years ago, ThinkAdvisor writes.
“After careful consideration, our team made the decision to join RBC Wealth Management because of its strong reputation of always acting in the best interests of clients, as well as access to the global resources of RBC,” Ciriello says, according to the publication.
RBC Wealth Management has grown its advisor ranks to around 1,800 people, who now oversee $354 billion, ThinkAdvisor writes. The firm has lured some large producers from rivals in recent months.
Most recently, RBC nabbed a team of Wells Fargo advisors who managed $1.4 billion in Bloomfield Hills, Mich. Since July, RBC has also nabbed several Merrill Lynch teams, a team from Commonwealth Financial and a father-and-son team from UBS.