RBC Wealth Management Says It Added 79 Advisors This Fiscal Year

Eliane Chavagnon

7 October 2014

RBC Wealth Management said it has recruited 79 new financial advisors so far this fiscal year, while announcing Robert Murphy as a new senior vice president and financial advisor in Washington DC.

Murphy, who joins RBC Wealth Management from Morgan Stanley, has over 30 years of industry experience. He has over $200 million in assets under management and almost $2 million in production.

Also joining RBC with Murphy is JoAnne Desjardins, senior financial associate.

The 79 recruits represent $5.8 billion in assets and approximately $50 million in production. Meanwhile, RBC said the average revenue per financial advisor has grown by 69 per cent in the past five years.

In the US, RBC Wealth Management operates as a division of RBC Capital Markets. It counts more than $278 billion of assets under administration and nearly 2,000 financial advisors.