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RBC Romps Again at Wirehouses’ Expense

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RBC Romps Again at Wirehouses’ Expense

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Regional brokerage RBC Wealth Management-U.S., which like a stubborn terrier has been steadily nipping at larger wirehouse firms, has  a big team from Wells Fargo Advisors in Florida and another from Morgan Stanley in Texas.

In the larger move, three brokers who worked since 2009 in the Boca Raton office of Wells Advisors’ private client group employee channel joined RBC’s West Palm Beach branch on Friday.

Gary Weissman, Eric Dion and Jonathan Gomez, along with two clent associates, had been managing $600 million in client assets, an RBC spokeswoman confirmed. Weissman individually produced almost $2 million, according to two people familiar with his book.

“RBC Wealth Management has a strong reputation of financial stability and for a focus on putting the needs of clients first,” Weissman and Dion said in a prepared statement. A person answering their phone at RBC said they were not available for additional comment.

For Wells Fargo Advisors, the departures accentuate a continuing exodus, with a net loss of more than 600 brokers since its affiliate bank’s fake account scandal was disclosed in September 2016. The broker-dealer, still among the largest with 14,400 brokers across its employee, independent and bank channels, has responded by offering recruiters higher fees and sweetening recruiting bonuses for brokers. In recent weeks, Wells poached four California advisors from UBS.

Weissman’s older brother, David G., remains in the Boca Raton branch of Wells Fargo Advisors. He was not on Gary Weissman’s team, but each has about three decades of experience and had previously sojourned from Prudential Securities to Janney Montgomery Scott and then to Wells, according to their BrokerCheck histories.  David Weissman did not respond to a request for comment.

Dion began his brokerage career 33 years ago at Halpert and Co., and also worked at Smith Barney, Prudential Securities and Janney before moving to Wells in February 2009 and to RBC last week. Gomez, a 22-year veteran, began his career at DMG Securities, and worked at A.G. Edwards before meeting his teammates at Janney.

In RBC’s other recruiting victory, the firm lured Rob Frey, Cary Tucker, Robert Dillenback and Beth Ann Johnson from Morgan Stanley ten days ago to work at its suburban Dallas branch in Frisco, Tex. The team generated about $2 million in production and oversaw around $300 million in client assets, according to a well-placed source.

Neither Frey nor his colleagues were available to comment on the reasons for their move or on steps they may have taken to avoid litigation from Morgan Stanley in the aftermath of its departure from the Protocol for Broker Recruiting.

Frey and Tucker had been with Morgan Stanley since 2008, according to their BrokerCheck histories. Frey began his brokerage career at First Union Securities in 1999, while Tucker broke into the industry at A.G. Edwards in 2005. Dillenback and Johnson, who joined Morgan Stanley in 2011, began their careers respectively at WFG Investments in 2010 and at AXA Advisors in 2008.

A spokeswoman for Morgan Stanley did not immediately return a request for comment on the team’s departure or on whether it will seek to prevent their calling former clients.