Showing no signs of slowing down in its drive to snatch talent from competitors, RBC Wealth Management announced that it has hired a former Stifel Nicolaus team for its San Francisco office.
The two-person team of Mike Lamb, 52, and Cindy Dellinger, 54, both senior vice presidents and financial consultants, “bring a vast amount of experience and knowledge to the branch,” Chuck Evans, RBC Wealth’s San Francisco complex director, said in a statement. Lamb and Dellinger have 25 and 30 years experience, respectively. Dellinger worked at Bear Stearns for 15 years and before that, 10 years at Lehman Brothers. Lamb had stints at Piper Jaffray, Cantor Fitzgerald and Raymond James.
And, they boast nearly $3.9 million in combined trailing-12 production. Lamb and Dellinger focus on institutional sales, primarily fixed income, including corporate bonds and mortgage-backed securities. They moved around the corner to RBC from Stifel on Wednesday, February 17th. The change in firms enables Lamb and Dellinger to use “a much larger primary advisor platform for its clients,” RBC Wealth said in a statement. Most of the team’s clients are institutional, mostly state funds, money managers and banks.
In a phone interview Monday, Dellinger said that the biggest factor for her and Lamb’s move is the fact that RBC is a primary dealer. “The use of capital at RBC and the fact that they have a large balance sheet is a benefit to my customers,” Dellinger said. “There are certain customers that insist that you be a primary dealer. It’s more prestigious and one less thing that they have to vet.” And, those customers, she said, “actually encouraged me to go to RBC. They said this is a no-brainer.”
Lamb and Dellinger do not have a fully integrated team. They both have separate books of business in addition to a single, joint book, she said.
Last year, RBC Wealth, a division of RBC Capital Markets Corporation, recruited more than 308 new advisors, with an average production of $500,000, and a combined $168 million in revenue. RBC Wealth says it has more than $140 billion in assets under administration and more than 2,200 financial consultants in the United States.