RBC Picks Off Wells Fargo Regional Manager
Another wirehouse veteran has left a managerial position in New York City to try hands-on management of a complex at regional firm RBC Wealth Management.
Charles R. Carson, a three-decade industry veteran who was most recently was a regional manager at Wells Fargo Advisors’ private banking unit, has moved to Houston to oversee four RBC offices and 43 financial advisors in Houston, RBC said on Tuesday.
His shift echoes that of Morgan Stanley’s Justin Ferdula, who in June began managing a six-office RBC complex in Chicago after managing a large branch for the wirehouse in Rockefeller Center.
Carson has replaced John “Jeb” Bundock at RBC’s Houston complex, who is moving back to production as an advisor and said he holds no grudges about the shift.
”The complex director role has gotten increasingly more challenging because of the regulatory climate,” said Bundock, who a month ago recruited a $3.5 million producer from Morgan Stanley. “I’ve been with RBC 25 years and plan to retire here.”
RBC appears to have stepped up its wooing of Morgan Stanley leaders under Michael Armstrong, who took the reins of the Minneapolis-based broker-dealer in May 2016. He had served briefly as head of Jefferies’ small wealth unit following a 24-year career at Morgan Stanley.
“Our growth goals might be more ambitious right now,” Bundock said. “I would attribute the quality of people like these two recent complex director hires to…Michael Armstrong and his ability to convince talent that this is the place to be.”
Carson, who worked at Wells for four years and at Merrill Lynch in Long Island for 20 years, did not return a call for comment. He began his brokerage career at American Express Financial Advisors in 1986, according to the Financial Industry Regulatory Authority’s BrokerCheck database.
Both RBC Wealth and Wells Fargo have expressed interest in recruiting veteran advisors and managers at a time when Morgan Stanley, Merrill Lynch and UBS Financial Services have put on the recruiting brakes. Wells Fargo Advisors has sweetened its recruiting offers in an effort to staunch three consecutive quarters of advisor departures following the bogus-account scandal within its retail consumer bank.