RBC recruits from UBS, Osaic from Atria: Advisor Moves

May 16, 2025 12:44 PM

Smiling HR managers handshake with a job candidate.

The steady trickle of advisors out of UBS continued this week with a big recruiting deal by RBC Wealth Management.

Meanwhile, Osaic picked up the institutional business of five credit unions that were set to enter LPL Financial's fold as part of its acquisition of Atria Wealth Solutions. Check it out below.

RBC grabs $500M team from UBS

RBC Wealth Management is strengthening its presence in the Great Lakes region with a team it pulled from UBS.

The Austin and Smith Wealth Management Group is joining RBC Wealth's branch in Syracuse, New York. The team had formerly managed roughly $500 million at UBS.

It consists of Thomas Austin, managing director, financial advisor and portfolio manager; Ryan Smith, vice president and financial advisor; and Elizabeth Moynihan, senior registered client associate.

The team has expertise in providing wealth planning services to individual clients, families, institutions and foundations. It also helps business owners and entrepreneurs with transition and liquidity events.

Austin started at Dean Witter in 1985 and moved to UBS in 1991. Smith started at UBS in 2011, and Moynihan started there in 2022.

Over the past four years, RBC Wealth Management has significantly added to its presence in the Great Lakes area, opening three new offices and adding 35 advisors.

Osaic snags Atria-affiliated advisors amid LPL onboarding

The independent broker-dealer Osaic is building out its institutional division with the addition of five credit unions.

The credit unions had previously managed roughly $500 million at CUSO Financial Services, which is part of Atria Wealth Solutions. Osaic's rival independent broker-dealer LPL Financial bought Atria last year and is in the midst of moving assets over from the acquired firm.

The new affiliations include Rave Financial Credit Union in Texas, South Metro Federal Credit Union in Minnesota, Capital Credit Union in North Dakota, Impact Credit Union in Ohio and Noble Credit Union in California. All the firms will retain their brands.

Osaic Institutions provides various wealth management, investment and insurance-related services to banks, credit unions and similar firms. The division's goal is to enable financial professionals and licensed branch employees to devote more of their time to clients and business growth.

This isn't the first time Osaic Institutions has turned to an Atria-affiliated firm to pull in a large credit union client. Osaic announced in January that it was bringing over Navy Federal Credit Union's Navy Federal Investment Services, the largest credit union initially set to move over to LPL as part of its purchase of Atria.

Hightower takes stake in RIA with $3.8B AUM

The RIA aggregator Hightower has taken a stake in a large advisory firm with offices in California and New York.

Hightower announced this week it's investing in Lindbrook Capital, a wealth management and financial planning firm with roughly $3.8 billion in client assets. Lindbrook has offices in Los Angeles and Calabasas in California and in New York.

Lindbrook Capital is a 10-person team that works with affluent clients, families, foundations and endowments. It's led by the managing partners Benjamin Posen and Tyler Dritz, along with partner Lee Samson.

This investment in Lindbrook Capital represents Hightower's initial transaction of 2025. Hightower offers its affiliated advisors a range of services, including an in-house national trust company and a wholly owned accounting firm.

Hightower's national network now extends to more than 140 advisory businesses in 35 states and the District of Columbia. The firm's services include training, talent acquisition, marketing, technology, investment resources, compliance assistance and human resources. Partners also gain access to support for merger and acquisition deals. By Dec. 31, 2024, Hightower and its affiliates were managing roughly $168 billion in assets.

Bernstein Private Wealth Management names new head of wealth strategies

Bernstein Private Wealth Management, a division of AllianceBernstein, has named Ashley Velategui as the new head of its wealth strategies group.

She's taking over a role previously held by Tara Popernik, who is departing the firm to pursue a different opportunity.

Velategui most recently served as the national director of planning research for Bernstein's wealth strategies group. In that capacity, she was responsible for the recruitment and training of the team's analysts. Velategui's history with Bernstein Private Wealth Management dates to 2007, and she joined the wealth strategies group in 2011.

Based in Seattle, Velategui will report to Alex Chaloff, who heads investments and wealth strategies for the firm. Her appointment to the new position took effect on May 9.