RBC recruited five advisors from Morgan Stanley managing more than $300 million in combined assets, according to a firm spokeswoman.
The advisors join RBC's new office in Sarasota, Fla., where John LeTourneau, one of the new recruits, will serve as branch manager.
LeTourneau and fellow advisor David F. Muir III oversaw $120 million in assets under administration and generated approximately $800,000 in production while at Morgan Stanley, according to RBC. The two advisors have called their practice, the Muir LeTourneau Group of RBC. Also moving to RBC is Muir's daughter, Nicole, who serves as a senior client associate.
LeTourneau has been in the business since 1995, according to FINRA records. He had been with Morgan since 2008, and had previously worked at UBS and Merrill Lynch. Muir has 31 years of industry experience. He had also been at Morgan since 2008, having previously worked at Merrill Lynch.
Last week, another Morgan team overseeing about $190 million in assets and generating $1.7 million in production left the wirehouse to join RBC in Sarasota, according to the firm. The Gress Lodge Group includes advisors Rick Gress, Sarah Lodge and JoAnne Fabec, and also Liz Knighton, senior registered associate.
Gress has 27 years of industry experience, according to FINRA records. He joined Smith Barney in 1993, staying through that firm's merger with Morgan. Lodge joined the wirehouse in 2006. Fabec joined the industry last year.