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Wells Fargo Reps Collectively Managing $680M Jump to Close Competitor

December 19, 2018

RBC Wealth Management continues poaching advisors from scandal-plagued Wells Fargo, most recently nabbing representatives in St. Louis and Minnesota.

Curt Allen, a 31-year veteran of the financial services industry, and James Goralnik, who’s been in the industry for 18 years, join RBC’s recently-opened St. Louis office, according to a press release from RBC. The pair collectively managed $254 million at Wells Fargo Advisors, RBC says.

“RBC Wealth Management has a great reputation as a firm that provides its financial advisors with the tools and resources to deliver customized plans for clients,” Allen and Goralnik say in the press release.

And last week, RBC hired Susan Franklin, who’ll work out of the Minneapolis office, and Russell Lewis, who’ll be based in Stillwater, Minn., according to AdvisorHub. The pair collectively oversaw $429 million at Wells Fargo Advisors, the industry news website writes. Franklin has been in the industry for 21 years and Lewis for 23 years, according to AdvisorHub.

“RBC has a good regional culture, and its parent has a strong balance sheet,” Michael King, a New York-based recruiter, tells the website, referring to the Canadian bank’s U.S. wealth management unit. “It’s become interesting to advisors.”

Wells Fargo has been shedding advisors since the 2016 revelations that thousands of its retail bank employees opened millions of bogus accounts, and RBC has been welcoming many of those fleeing FAs.

In October, RBC lured a team of Wells Fargo advisors overseeing $1.4 billion.

Since July, RBC has also picked up several Merrill Lynch advisors, a Commonwealth Financial team and a team from UBS.

(Getty)

But a recent UBS hire only lasted two weeks at RBC before heading back, according to AdvisorHub. Eric Wenkus joined RBC as a member of a four-member UBS team led by John Randolph, the website writes.

That group oversaw more than $500 million as of the end of November, an RBC spokeswoman confirms to AdvisorHub. Sources at both firms confirm to the website that Wenkus has come back to UBS.

By Alex Padalka
  • To read the AdvisorHub article cited in this story, click here.