Nov 8 RBC Wealth Management, a division of the
Royal Bank of Canada , has expanded its adviser
footprint in Arizona with a veteran hire from Bank of America's
Harold Langer, who has worked in the industry for roughly
three decades, moved to RBC in October after six years at
Merrill Lynch. He managed $180 million in client assets and last
year had $1.2 million in annual revenue production.
Richard Schaefer, who runs the RBC Tucson office where
Langer joined, said the vast majority of Langer's client base
has already moved with him to RBC.
"Within a couple of hours, our lobby was full," said
Schaefer, referring to clients who showed up on the same day to
re-paper their accounts with Langer at RBC. "I have never seen
this quick a response by any other broker."
Brokers like Langer who follow an industry protocol are
prevented from disclosing their decision to move to their
clients until the day they resign from their old firm. Because
of those limitations, it can be difficult to gauge how many of
an adviser's clients will move with him or her to a new firm.
Langer joined RBC as a senior vice president and financial
adviser. He was previously a senior vice president at Merrill
Lynch and had also been an adviser with UBS earlier in his
career, according to regulatory filings.
Toronto-based RBC, Canada's largest retail bank and the one
most focused on wealth management, has set its sights on global
wealth management as a key driver for growth. RBC Wealth
Management has about 2,000 advisers managing more than $227
billion in client assets.
RBC last month also hired a veteran team of advisers from
Merrill Lynch in Kansas. The team, known as the Haynes &
Woodward Investment Group, managed $130 million in client