RBC picks up $1B team from UBS

RBC Wealth Management continued picking off advisory teams from its rival UBS Group with its recruitment of an advisory team managing $1 billion.

RBC Wealth, a subsidiary of the Royal Bank of Canada, announced that Leawood, Kansas-based Total Wealth Management Group is joining it from Switzerland-based UBS. Total Wealth Management Group consists of seven advisors and other staff members, many of them with extensive industry experience.

It's only the latest instance of a prominent wealth management team moving from UBS to RBC. In August, RBC announced that it had lured away a team overseeing $5.5 billion at UBS, a recruiting move that has since resulted in a lawsuit. Earlier in the month, RBC said it was bringing over a team that had managed $1.1 billion for UBS in Columbus, Ohio. 

The Total Wealth Management Group team consists of:

• Patrick McCarthy, a managing director and financial advisor 
• John Brown,  a senior vice president and financial advisor
• Eric Taylor, a senior vice president and financial advisor
• Scott Jones, a vice president and financial advisor
• Penny McKinney, an associate Vice President and senior financial associate
• LaGina Nicholas, an associate vice president and senior business associate
• John McCarthy, an associate financial advisor

Many of them started their careers at Piper Jaffray, a Minneapolis firm that merged with Sandler O'Neill in 2020 to become Piper Sandler. Most of them moved over to UBS in the mid-2000s.

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"This is a high-integrity, multi-generational team that has been doing the right thing for their clients for a long, long time," Mark Borcherding, Kansas City Complex director at RBC Wealth Management, said in a statement.