RBC recruited a Wells Fargo team that generated $4 million in annual revenue, a spokeswoman said.
The move comes days after the Department of Labor issued new regulatory guidance targeting what it deemed conflicts of interest generated by transition packages to switch firms.
Plus, advisers with $450M in combined AUM join Benjamin Edwards.
Firms have been scrambling to readjust their recruiting policies in the wake of the department's action. Morgan Stanley cut back-end comp from its' deals. Other firms have yet to formally announce similar actions.
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"There are ways to potentially be cute with it. You could potentially cut out retirement business from the back-end bonuses," says an ex-Merrill Lynch executive who works in the independent space. "Cute doesn't usually work when it comes to regulators."
November 2 -
The early decision stops advisers from earning commissions on products that will also generate fees through the firm's Investment Advisory Program.
November 2 -
"We fully expect to offer a range of options to help our clients," CEO Paul Reilly said.
October 27 -
The decision is effective immediately and was made within hours of the Department of Labor issuing new regulatory guidance on the fiduciary rule's implications.
October 27 -
The wirehouse, which is embracing the new regulation, is the first to unveil its strategy in depth.
October 6
"The team joined RBC Wealth Management yesterday. While we cannot comment on specific deals, we can confirm RBC has reviewed its practices to ensure compliance with the guidance issued in the latest DOL FAQ," a spokeswoman said, referring to the Labor Department's latest guidance on the impending regulation.
RBC's latest hires joined the firm in Chicago. They previously oversaw more than $500 million in client assets, according to the firm.
Team leader David Heide started his career at Edward Jones in 1990, according to FINRA BrokerCheck records. He's been with Wells Fargo since 1995.
Also moving with the team are advisers Mark Anderson, Daniel Jakuta, Joseph Palumbo and Jeffrey Neumann.
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The largest recruits managed more than $17 billion in client assets.
July 11 -
The largest teams to go indie this year managed more than $5 billion in client assets.
July 7
A Wells Fargo spokeswoman declined to comment.
