In pursuit of better service for clients, two advisors who managed $426 million at Merrill Lynch are making the jump to RBC Wealth Management.
While RBC has said it is adjusting its focus and
In the meantime, wirehouses like Merrill Lynch are
Revenue is rising in Bank of America’s wealth management unit — it went up 20% from the second quarter in the year-ago period.
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The firm’s most recent hires are 2 advisors overseeing more than $550 million in client assets.
August 20 -
The firm is looking beyond aggressive recruiting efforts that have netted 73 new advisors year-to-date.
July 25 -
The regional firm has opened five new branches and hired at least 73 advisors year-to-date.
July 20

Still, top producers are leaving the wirehouse — this time it’s a team of two advisors, Joseph Chu and Christopher Phillips. They and their two client associates are joining the Stamford, Connecticut, branch of RBC. They moved at the end of August, according to FINRA BrokerCheck.
This is the first move for Chu, who has spent the entirety of his 16-year financial career at the wirehouse, according to FINRA BrokerCheck. Phillips has 14 years of experience, 13 of which he spent at Merrill Lynch.
Chu cited that one reason the team joined RBC was to pursue growth.
“Providing our clients with the best possible service is of utmost importance to our team, so we believe RBC is the best place for us to do that, as well as continue to grow our practice,” Chu said in a statement.
The team was not available for further comment on the departure.
RBC has approximately 1,800 advisors operating in 42 states. It manages approximately $353 billion in assets, according to the firm.
A spokeswoman at Merrill Lynch declined to comment on the departure.
The move follows another big recruiting win announced by RBC just a few weeks earlier. A separate team of