RBC lands $625M team from Morgan Stanley

RBC is furthering its recent recruiting streak with another big hire..

The regional BD picked up a Morgan Stanley team that managed $625 million, RBC said. The multigenerational group — which includes a grandfather, father and son — joined the firm in Princeton, New Jersey.

“When looking to move our business, it was important to us to find a firm that shares our driving principle of superior client service. We found that in RBC,” advisor Wade Martin said in a statement.

Martin’s teammates include his father Arthur Martin, senior financial associate; advisors Brett Scharf and Zach Martin, Wade’s son; Allison DeLay, senior business associate; Brianna Clater, client associate; and investment associates Maria Gaspari, Noah Wiegand and Leah Zikoski.

A Morgan Stanley spokeswoman declined to comment on the team’s departure.

Wade Martin started his advisory career at UBS in 1988, according to FINRA BrokerCheck records. He moved to Morgan Stanley in 2010.

Arthur Martin got his start at Merrill Lynch in 1974, per BrokerCheck. Zach Martin is relatively new to the industry, having registered with Morgan Stanley a year ago.

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Scharf began his career at Morgan Stanley in 2013.

Other recent RBC hires include Joseph Farrell, a Sioux Falls, South Dakota-based advisor, who oversaw $125 million at his previous employer, Wells Fargo. Kris Wappaus, an ex-UBS advisor, also joined RBC in McLean, Virginia. Wappaus previously oversaw $97 million, according to his new employer.

RBC currently has $414 billion in total client assets and more than 2,000 financial advisors operating in 42 states, according to the company.