RBC Wealth Management has attracted three UBS advisors, who collectively manage about $1.1 billion in client assets, to join the company.
According to RBC, Robert Miller will join the RBC complex in St. Paul, Minnesota, Scott Murray will join the team in Boise, Idaho, and Mark Grueninger will join in Beverly Hills, Calif.
“The firm has a deep bench of services, and I am excited to utilize them to support my clients in the Southern California market and beyond,” Grueninger said about his new employer.
The departures are the latest of several recruiting moves from UBS to RBC in recent months.
In May, RBC brought on a $1.6 billion Boise-based team to its Boise, Idaho, office. Like the three advisors joining today, the Dalton Bahney and Treinen Wealth Management Group joined RBC from UBS, with all eight members jumping.
The same month, RBC also attracted the Austin and Smith Wealth Management Group from UBS. The $500 million three-person team joined RBC’s Syracuse, N.Y., branch.
In April, RBC brought over The Degenaars Babb Group, a New York-based team managing more than $5 billion in assets from JPMorgan, one of the largest teams ever recruited. The firm works with clients “with complex needs” and originally joined JPMorgan after the collapse of First Republic in 2023.
Earlier this week, RBC was one of five firms named in a settlement with multiple state securities regulators alleging the firms charged unreasonable commissions on small-dollar transactions (the other firms included Edward Jones, LPL Financial, Stifel and TD Ameritrade).
An RBC spokesperson said the firm was “pleased” to resolve the matter and would reimburse all impacted clients. The spokesperson said that before the investigation, “RBC had self-reported this issue to FINRA and took immediate steps to revise policies, procedures and systems.”
RBC Wealth Management was founded in 1909 and had about $640 billion in total client assets (as of the end of April). More than 2,200 advisors are working in 192 locations across 42 states.