RBC Wealth Management recruited a team that produced $2.2 million in annual production while at Barclays.
Advsiors Larry Cummings and Clifford Wang joined RBC's office in Atlanta, where they report to Chip Anderson, senior managing director of RBC's Atlanta Complex.
Anderson says that RBC "is actively growing and expanding in the Atlanta area – a market the firm has made a major commitment to, providing resources for, and one which is crucial to growth for the firm."
Cummings has more than two decades of industry experience, according to FINRA BrokerCheck records. He started his career at Merrill Lynch and later joined Lehman Brothers, staying through that firm's acquisition by Barclays.
Wang had been with Barclays since 2010. Previously, he worked at Morgan Stanley and Deutsche Bank.
Barclays has lost a number of advisors ahead of a pending acquisition of the firm's U.S. brokerage unit by Stifel, due to close next month. Most of the departing advisors have chosen to go Merrill Lynch and Morgan Stanley, while a few have also chosen J.P. Morgan or gone independent with Dynasty Financial Partners.
This is the first known advisor move from Barclays to a regional broker-dealer since the acquisition deal with Stifel was announced.
The moves so far have not been small. One group of Barclays advisors who oversaw $3 billion in client assets formed an independent firm with help from Dynasty, and have since lured over additional Barclays advisors.
Cummings and Wang aren't the first Barclays employees to depart the Atlanta office. John Houlihan, who served as Barclays' complex director in Atlanta, left the firm over the summer to join UBS. He now oversees UBS's Long Island, N.Y. complex.
- Edward Jones May Push Back Goal of Reaching 20K Advisors by 2020
- Merrill's Revenue Falls, But the Thundering Herd is Growing
- UBS to Pay SEC $19.5M for Claims It Mislead Clients
- Analysis: Why Advisors Are Leaving Barclays