RBC Wealth Management has tapped Tom Sagissor, divisional director of the private client group, as president, a new position. The firm is still searching for a replacement for John Taft, the firm’s CEO who announced his retirement earlier this year.
Sagissor will manage the day-to-day operations of the private client group, which includes 1,900 advisors across 41 states. He is currently responsible for the firm’s north central region, covering 500 advisors in 15 states. He also handles the firm’s institutional middle-market fixed-income business, the equity middle-market business and corporate executive services, which are joint operations of RBC U.S. Wealth Management and RBC Capital Markets.
In January, Taft announced his plans to retire in May after over a decade in the role. Under his leadership, the firm has grown to 1,900 financial advisors and more than $273 billion in assets under administration.
Taft, 61, has overseen several broker/dealer acquisitions in his role, including the recent purchase of City National Bank. The deal brought banking and lending capabilities to the firm’s advisor force, something Taft has been a strong advocate for. Those capabilities will be rolled out to the firm’s advisors over time.
Once hired, the new CEO will report to Russell Goldsmith, chairman and CEO of City National Bank.
Prior to joining Dain Bosworth, a predecessor company of RBC Wealth Management, in 1993, Sagissor was a professional hockey player, spending two years with the Montreal Canadiens and two seasons with the Slovenian team, the Ljubljana Dragons.