RBC Wealth Management has recruited a seven-person team from UBS that oversees approximately $1.5 billion in client assets. The team, Focus Wealth Management, is based in Palm Beach Gardens, Florida, and includes managing directors and financial advisors James "Trey" Mahoney III and Peter Foley Jr., as well as senior vice president and financial advisor Justin Warzala. The group serves business owners and high-net-worth and ultra-high-net-worth families, and its most senior member had been with UBS for about 14 years. RBC Florida Complex Director Ken Ross said the team sought direct access to local leadership and a client-first culture. The move comes as UBS reported 5,644 advisors in the U.S. at the end of June, down from 5,773 a year earlier, while RBC aims to add 600 advisors by 2029.
Royal Bank of CanadaRBC Wealth Management recruited a $1.5B team from UBS, boosting its advisor headcount and assets under management.
UBS Group AGUBS lost a seven-person team managing $1.5B in client assets, contributing to a decline in U.S. advisor count.