RBC recently announced that another advisor from Merrill Lynch has joined the firm, marking the third advisor to leave the wirehouse for RBC in just one week.
Felipe Blanco, who managed $213 million in assets at his former firm, joined RBC the last week of August.
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This is the first move of Joseph Chu’s financial career, but it’s not the wirehouse’s first big loss this year.
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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
In a statement, Blanco stated he decided to leave Merrill because RBC offered better growth opportunities for his business.
“After careful consideration, I made the decision to join RBC Wealth Management in Miami because of the firm’s commitment to growing in the U.S., as well as its commitment to helping me grow my business,” he said.
Blanco did not respond to a request for further comment.
RBC reached an advisor head count of 1,824 in the third quarter, according to the firm. David McKay, CEO of RBC, attributed the advisor growth to three factors.
“Advisor trust, a strong distribution network and strong product performance are the key,” said McKay, on RBC’s
Blanco is joining RBC’s branch in Miami. He has 15 years of experience in the industry, the last six of which he spent at Merrill Lynch, according to FINRA BrokerCheck.
A Merrill Lynch spokeswoman did not respond to an immediate request for comment.
