RBC enticed away a branch manager from Raymond James who had only been with the firm for two years.
Michael Schipper was recruited to work as RBC's San Francisco complex director, the firm said. Before his short tenure at Raymond James, Schipper had worked similar management positions for more than 15 years at Morgan Stanley and more than 7 at Merrill Lynch, according to FINRA BrokerCheck records.
At RBC, Schipper will oversee 70 advisors and 125 employees in seven branch offices. In a statement, RBC highlighted his experience in helping guide his office during Morgan Stanley's acquisition of Smith Barney.
"We are thrilled to welcome Michael to RBC Wealth Management," Darryl Traweek, director of RBC Wealth Management’s West/South division, said in a statement.
When Raymond James hired Schipper in Nov. 2014, he said that his main job was to grow the firm's footprint in the Bay Area. The St. Petersburg, Fla.-based firm has been recruiting aggressively to grow its presence in the Northeast and on the Pacific Coast, pulling in several large wirehouse teams.
"I think that the vast majority of the advisors in the Bay Area aren't familiar [yet] with the Raymond James story," Schipper told On Wall Street at the time.
A spokeswoman for Raymond James declined to comment on Schipper's departure from the firm.
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