UBS lost two of its top producers this week, as veterans Roger Stephens and Daniel Rothenberg, managing a combined $7.5 billion out of Los Angeles, have jumped to RBC Wealth Management.
The move allows RBC to open its first office in Downtown Los Angeles at City National Plaza; RBC acquired City National in late 2016.
“We are excited to come to a firm that has a smaller, more focused group of people where we feel we can really make a difference,” Rothenberg said in a statement. “RBC has a boutique feel across the board, which gives us the flexibility to run our business the way we want.”
“The opportunities that may come from being so closely aligned with City National Bank also added to the appeal of RBC,” Stephens added.
Also moving with the team are senior business associate Michelle Hadi, senior financial associate Grace Kim, senior registered client associate Robin Kim, and investment associate Akiva Glazerson.
Stephens, managing director of the team, has 28 years of industry experience, while Rothenberg, also a managing director, has 13 years of experience.
The move is the latest in a series of investments by RBC in the area. In the past two years, RBC Wealth Management has recruited 35 advisors throughout California and has grown in its Northern and Southern California complexes, most recently with the opening of its Marin County branch in the Bay Area.