RBC Wealth Management has recruited a four-man squad of advisors known as the Nierling Investment Group to its Dallas, Texas, office.
The team includes Dick Nierling, senior vice president, his two sons, advisors Richard and Alex Nierling, and Alan Henry, vice president.
All were formerly with Morgan Stanley Wealth Management. Dick Nierling has more than four decades of experience, all of which were at Morgan Stanley. His son Richard joined him in 2005, and Alex joined in 2010. Henry joined Morgan Stanley in 2009, according to public filings with the Financial Industry Regulatory Authority.
According to Andy Teller, director of RBC’s Dallas Executive Complex, the team discovered Minneapolis, Minn.-based RBC while playing golf with one of its brokers who spoke highly of the firm. As a result, Dick Nierling approached RBC “looking for a place where it was easier to do business,” Teller said.
“Talking to Dick, this firm reminds him a lot of the firm he joined 41 years ago, even 10 to 20 years ago,” Teller added. “It reminds him of the old Smith Barney, which really was an investment boutique that put the client needs first,” he said. “A lot of the local control has been lost in today’s wirehouse environment.”
The Nierling Investment Group is bringing over its $230 million in assets and $2.2 million in production.
The team has always practiced in the area and will be moving only a short distance as their new offices are in the same building.
“Dick Nierling is a legendary advisor in this market. He’s been known for many years. I knew of the team through their reputation, although not personally,” Teller said.