A $1.1 billion Michigan-based six-person team is joining RBC Wealth Management from UBS, a move that comes on the heels of a J.P. Morgan advisor managing nearly $1 billion decamping to RBC earlier this week.
The BLS Financial Group is based in Bloomfield Hills, Mich. It includes managing directors Jonathan Modiano, Adam Jones and Mark Steinberg, associate vice presidents Trica Fitzsimons and Kristen Charlton, and Daniel Welsh, a senior investment associate.
RBC Chicago Complex Director Justin Ferdula said the new team would boost RBC’s work with high-net-worth and ultra-high-net-worth clients and expand the bank’s reach into the Detroit market.
According to SEC records, Modiano, Jones and Welsh had been with UBS since they first registered in the industry in 2003, 2011 and 2018, respectively. Steinberg registered in 2000, spending several years with Merrill Lynch before moving to UBS in 2005, while Chalrton joined Wachovia in 1998 before moving to UBS in 2008.
SEC records showed that Fitzsimons registered in 1994 and worked at numerous firms (including Prudential, Wachovia and Next Financial Group) before joining UBS in 2014.
Earlier this week, New York City-based advisor Kevin Carey revealed he would join RBC from J.P. Morgan Wealth Management, where he managed nearly $1 billion in client assets.
Carey said he was drawn to RBC by the firm’s “unique culture, resources to serve high-net-worth and ultra-high-net-worth clients and the firm’s collaborative approach.”
In nearly three decades of industry experience, Carey started in fixed income before moving to the banking sector and ultimately into wealth management. Carey first joined Deutsche Bank’s fixed income division in 1998 and then joined First Republic, eventually becoming a senior managing director.
First Republic collapsed in early 2023 during the regional bank crisis spurred by Silicon Valley Bank’s fall. In April of that year, JPMorgan purchased the bank and integrated its wealth management business under its auspices.
However, many First Republic advisors joined the firm when fleeing wirehouses or other large brokerage firms, and some First Republic reps opted to leave rather than stick with JPMorgan long-term. The deal benefited RBC particularly, as it picked up numerous teams with billions in collectively managed assets (many of which were based in California).
In July, RBC recruited an $1.7 billion eight-person team from UBS to join its Westchester, N.Y., branch. This April, it recruited The Degenaars Babb Group, a $5 billion New York-based firm (one of RBC’s largest recruitment deals ever). Like Carey, that team joined from JPMorgan and was originally with First Republic before its collapse. It currently runs 194 offices in 42 states.
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