RBC Wealth Management continues its aggressive recruiting streak, announcing Thursday that it has lured a five-person team from UBS in Pittsburgh, bringing with them more than $1 billion in client assets. The move is part of a broader wave of advisor transitions that also saw Wells Fargo Advisors bolster its Florida presence with a Morgan Stanley veteran and a former Cetera advisor strike out on her own with LPL Financial.
RBC's Pittsburgh coup
The Nepa/Susco Team, led by managing directors Raymond Nepa and Jennifer Susco, has joined RBC's Pittsburgh North branch. The team, which also includes first vice president and financial advisor Julia Munchel, senior investment associate Karen Venneri, and client associate Max Freed, brings a combined 70 years of industry experience. They specialize in serving ultra-high-net-worth individuals, families, and business executives, offering investment management, risk mitigation, and estate planning strategies.
Frank Albanese, director of RBC's Great Lakes complex, attributed the win to the firm's collaborative culture and accessible leadership. "What stood out to the Nepa/Susco Team about RBC was the genuine culture of collaboration, having decision-makers close at hand, and the sheer breadth of resources they can tap into for their clients," he said in a statement.
This recruitment follows a pattern of RBC poaching from UBS, as the firm seeks to expand its footprint in key wealth management markets. The Pittsburgh addition is among the largest recent hauls for RBC in the region.
Wells Fargo's Naples expansion
In Southwest Florida, Eric Smith has joined Wells Fargo Advisors in Naples from Morgan Stanley, where he managed more than $400 million in client assets. With over two decades in the industry, including prior stints at UBS and Merrill Lynch, Smith serves high-net-worth individuals, families, business owners, and organizations. He will operate out of the Naples branch led by Brian Schoenle, part of the firm's Florida Gulf Coast market under Marc Beshany.
The Naples office has become a recruiting hub for Wells Fargo. Earlier this month, it welcomed the Strong Wealth Management Group, which oversaw $410 million, and in April, it added the DiGiorno Wealth Management Group with $466 million in assets. These moves underscore the firm's commitment to capturing market share in the affluent Gulf Coast corridor.
Ex-Cetera advisor goes independent
Kacy Walker, formerly with Cetera, has launched Kinetic Wealth, an independent practice affiliated with LPL Financial's supported independence model. Based in the Fresno, California area, Walker reported serving approximately $300 million in client assets, including retirement plans and individual wealth management relationships, with a clientele of retirees and business owners.
"Every relationship starts with listening," Walker said in a statement. "Before we talk about solutions, we want to understand what someone is navigating, where they need guidance and what is happening in their life." She chose LPL's Independent Advisor Network to retain independence while gaining transition support and growth coaching. Kinetic Wealth will offer holistic planning services, from budgeting and retirement preparation to investment planning, debt management, and estate planning.
The moves come amid a competitive hiring environment, with firms like RBC, Wells Fargo, and LPL vying for top talent. For more on recent recruiting trends, see LPL, Raymond James, RBC recruit $1.6B in advisor moves and Ameriprise, Wells Fargo, Raymond James, Cetera recruit $2.4B in advisor teams. Additionally, Wells Fargo FiNet recruits $580M Ameriprise team highlights the ongoing shift toward independence.
