Add RBC unto the list of brokerage firms scooping up advisors exiting Wells Fargo.
RBC Wealth Management, based in Minneapolis, announced Tuesday the addition of financial advisor David McClure to its Charlotte, N.C., branch. Earlier this month RBC recruited a $600 million advisor team in West Palm Beach, Fla.
RBC Wealth Management, under the RBC Capital Markets umbrella, manages $336 billion in client assets and has around 1,800 financial advisors in the U.S.
RBC named McClure as a senior vice president and financial advisor. He joins from Wells Fargo Advisors where he previously managed $110 million in assets as an investment advisor representative and worked for over a decade.
Wells Fargo announced in 2017 that it would be closing a series of branches nationwide and downsizing its presence in certain markets such as Charlotte to reduce expenses and restructure itself. Reports surfaced that Wells Fargo is considering restructuring its wealth management division.
The large broker-dealer has also undergone reputational damages from its account scandal in the banking division two years ago and then later underwent more scrutiny sparked by whistle-blowers from its other divisions, including the wealth management division.