RBC landed a $1.2 billion team, one of its biggest recruits of the year.
The all-woman team joined the regional BD from J.P. Morgan Securities. They are the latest advisors to sign with RBC, which has been pursuing an aggressive recruiting push. RBC says it has had “ a year of unprecedented recruiting momentum.”
The new hires, who go by the moniker the LSS Group, joined RBC’s New York Midtown office. They cater to clients in the real estate, entertainment and music industries.
The team includes advisors Eden Lopez, Leslie Schwartz, and Paula Steinberg; marketing consultant Katie Bishop; senior registered client associate Carmilita Aching; and registered client associate Alanna Hitscherich.
All three women are top-ranked Forbes advisors.
In a statement, Lopez pointed to RBC’s ownership of City National Bank as a factor in her team’s career move. In 2015, RBC acquired the Los Angeles-based bank which caters to wealthy individuals in the entertainment industry.
“The strength and stability of RBC and the ability to double down on our presence in L.A., Nashville and New York all led to the decision to move our practice,” she said.
City National will collaborate closely with the LSS Group, RBC says.
Schwartz also pointed to RBC’s fixed income capabilities.
“The fixed income market is a negotiated market, so the ability to have a conversation and interact directly with traders is critical,” Schwartz said. “Still, most firms don’t allow advisors direct access to the traders. But at RBC, trading isn’t purely electronic. There is a human element in the business that really appealed to us.”
All three advisors are industry veterans. Lopez has been in the business for 22 years while Schwartz and Steinberg have more than three decades of experience.
In moving to RBC, the advisors are also reconnecting with a former Smith Barney colleague: John Moran, who now serves as RBC’s New York complex director.
“Having worked with these incredible women in the past, I can say first-hand how their drive, ambition, expertise and strong wealth management practice will be a great fit for our team,” Moran said.
A spokeswoman for J.P. Morgan Securities was not immediately available for comment.
RBC’s recent notable hires include a Morgan Stanley team that managed $625 million. The group joined the firm earlier this month in Princeton, New Jersey. The firm also picked up an advisor in Hunt Valley, Maryland. Gordon Witherspoon managed $420 million in client assets at his previous employer, Morgan Stanley.