RBC Wealth Management has hired two veteran Merrill Lynch advisors whose teams manage a combined total of about $900 million in client assets, according to a news release.
Both teams will work out of RBC’s Bel Air, Md., office.
David Barnes, who operates the Barnes Group, has spent his entire 30-year career with Merrill Lynch, according to BrokerCheck. He manages about $600 million in client assets, the release noted. Barnes, who was ranked No. 98 on this year’s Forbes Best-in-State Wealth Advisors’ list, is joined by Paula Gay, associate and assistant vice president.
“We made the decision to join RBC Wealth Management because of its unique culture, as well as the management team who truly believe that clients come first,” Barnes said in a statement.
The Pollard Team, led by Patrick Pollard, senior vice president and financial advisor, manages about $300 million, the release said. Pollard also has been in the industry for three decades, 22 of which were spent at Merrill Lynch. He began his career with Prudential Securities in 1993. He worked for Morgan Stanley for four years before joining Merrill Lynch. Joining him at RBC are Paul Sierocinski, associate vice president, senior business associate, and Victoria Webster, associate vice president, client associate.
“We’re excited, both for our team and for our clients, about the capabilities and opportunities our move to RBC will provide,” said Pollard. “We are thrilled to join the firm known for its commitment to excellence and—most importantly—to its clients.”
Warren Bischoff, RBC Wealth Management Mid-Atlantic complex director, said the firm “continues to attract the very best advisors and teams,” adding that, “both of these teams are made up of incredibly talented individuals who are focused on best serving the needs of their clients.”
In the U.S., RBC Wealth Management operates as a division of RBC Capital Markets. The firm has $570 billion in total client assets, with more than 2,100 financial advisors operating in 190 locations in 42 states.