Another sign that moves in the turbulent coronavirus era are rare, but possible…
Just this month, RBC Wealth Management-U.S. hired a five-broker team that had been managing $688M in assets at Wells Fargo. The team – Gregory Fuerst, John Welsch, Michael Korb, Carl Helleberg Barbara Frenz, including two client associates, Beverly Hebenstreich and Kristan Janssen, moved to RBC’s Fon Du Lac office in Wisconsin.
In February, RBC acquired two wirehouse teams, hiring a $426M asset team from Merrill Lynch and $1M producer from Wells Fargo Advisors. Daniel Gounaris and Daniel Bachmann (including two client associates) joined the Baltimore, Maryland branch.
In just the same month, a sixteen-person team that had been managing $1.8B in client assets in Merrill Lynch’s Green Bay, Wisconsin branch also jumped ship to RBC. The team, led by Mike Busick, is now RBC’s largest Wisconsin team (by people and potential AUM). Busick’s team members include Robert D. Cummings, Richard E. Vezina and David J. Tilkens. Their practice produced $12M in annual revenue in Merrill’s small-market communities “region.”
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