RBC Acquires $1.5 Billion Wealth Management Team from UBS
RBC Wealth Management has acquired a seven-person team from UBS, overseeing approximately $1.5 billion in client assets based in Palm Beach Gardens, Florida. The Focus Wealth Management group specializes in serving high-net-worth and ultra-high-net-wort families with wealth transfer strategies. This move aligns with RBC's broader strategy to expand its capabilities for the ultra-high-net-worth segment of the market. CEO Neil McLaughlin has outlined a plan to add 600 advisors by 2029, bringing total U.S.-based advisors to over 2,200 across 196 offices in 43 states. UBS reported a decline in its advisor count from 5,773 as of June 2025 to 5,644 by the end of June 2026. The firm is actively recruiting but faces ongoing industry-wide challenges with high adviser attrition due to record valuations.
Tickers: $RY
Topics: High-Net-Worth Clients RBC Wealth Management UBS Advisors Wealth Transfer Strategies