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Veteran Merrill Lynch FA Jumps Ship to This Rival

By Alex Padalka May 9, 2019

RBC Wealth Management has poached a Merrill Lynch advisor who’d been with the firm for almost a quarter of a century, RBC says.

David Hollenberg, along with senior business associate Debra Barnes and senior client associate Lorraine Pescatore, joins RBC’s Florham Park, N.J., office, according to a press release from RBC. Hollenberg has been in the industry for more than 24 years, all of them with Merrill Lynch, where he managed over $250 million before jumping ship, RBC says.

“After careful consideration, I made the important decision to join RBC Wealth Management because of the access to the global resources of RBC, coupled with the firm’s client-first and advisor-centric culture,” Hollenberg says in the press release. “The firm’s culture is positive and inviting, and allows us to act in the best interests of our clients.”

RBC has been expanding its wealth management operations in recent months. In the past few weeks, it lured advisors from Raymond James and UBS, and in January RBC nabbed another team from Merrill Lynch who collectively oversaw around $300 million.

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RBC now has around 1,800 financial advisors managing $358 billion from 200 locations across 42 states, the company says. That’s up from $344 billion they were overseeing at the end of January, according to the company.