RBC Snags $1.5B South Florida-based UBS Team

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RBC Wealth Management has drawn a seven-person squad from UBS to oversee astir $1.5 cardinal successful lawsuit assets.

Focus Wealth Management, based successful Palm Beach Gardens, Fla., has moved to RBC aft its astir elder subordinate had been with the slope advisory for astir 14 years, according to BrokerCheck.

The squad includes managing directors and fiscal advisors James "Trey" Mahoney III and Peter Foley Jr., arsenic good arsenic Justin Warzala, elder vice president and fiscal advisor, among different staff. The team, which was not disposable for an interview, works with concern owners and high-net-worth and ultra-high-net-worth families who question wealthiness transportation and exit strategies.

Toronto-based RBC has been moving to grow its capabilities for the UHNW conception of the market, according to the announcement.

"They were looking for nonstop entree to section enactment and a civilization wherever the lawsuit ever comes first. That's precisely what we offer," RBC Florida Complex Director Ken Ross said successful a statement.

In an interrogation with Wealth Management successful March, RBC Wealth Management CEO Neil McLaughlin said the steadfast is moving to adhd 600 advisors by 2029. The slope has astir precocious said it has much than 2,200 advisors successful the U.S. moving retired of 196 offices crossed 43 states.

Earlier this month, RBC announced it had drawn a six-person squad from Stifel, Nicolaus & Company successful Dallas that had been overseeing $1.6 cardinal successful lawsuit assets.

The attrition from Zurich-based UBS comes arsenic its advisor number appears to person dropped year-over-year done June. In an net study connected Wednesday, the slope reported 5,644 advisors successful the U.S. arsenic of the extremity of June, compared to 5,773 successful June 2025.

UBS Group Chief Financial Officer Todd Tuckner said connected the wirehouse's net telephone that the steadfast is "actively recruiting and investing successful teams aligned with our profitability ambitions."

He added that "it's important to enactment that rotation among fiscal advisers remains elevated crossed the industry, fixed grounds valuations. But we proceed to expect these dynamics to normalize successful our publication implicit the people of 2026."