RBC Wealth Management–U.S. has hired a three-advisor team that managed $1 billion in client assets at UBS Wealth Management USA in Pittsburgh, a spokesperson confirmed.
The Nepa/Susco Team is led by Raymond L. Nepa and Jennifer E. Susco and includes advisor Julia D. Munchel. They joined RBC’s Pittsburgh North branch along with support staff Karen Venneri and Max Freed.
Nepa, a 44-year industry veteran, spent almost four decades at UBS and its Kidder, Peabody predecessor, according to BrokerCheck. Susco started her career at UBS in 2007, and Munchel joined in 2015 after a stint at a local RIA.
“What stood out to the Nepa/Susco Team about RBC was the genuine culture of collaboration, having decision-makers close at hand, and the sheer breadth of resources they can tap into for their clients,” RBC’s Great Lakes Complex Director Frank Albanese said in a statement.
RBC has been a frequent destination for UBS defectors as attrition from the wirehouse escalated over the past year-and-a-half. So far this year, RBC has added eight UBS teams with at least $5.55 billion in assets, according to a review of announced moves. In July, RBC added a group managing $1.5 billion in Palm Beach Gardens, Florida.
The Minneapolis-based firm has around 2,200 advisors and $769 billion in assets under management and advisement, according to its website. It has focused on recruiting as it seeks to add 600 advisors by 2029, according to investor presentations. Roughly 80% of its recruits last year had at least $2 million in revenue.
UBS executives said earlier this year they expect attrition to subside in the second half. The firm has been vulnerable to team departures since it last year eliminated a popular bonus that allowed advisors to pool production with teammates to determine their pay rate.
UBS instead began paying a rate based on the highest individual producer on the team, a policy in-line with peers. Executives have said the money has been used to re-invest in technology and improve support and has sweetened rewards for advisors who agree to eventually retire at the firm.
A spokesperson for the wirehouse, which has over 5,000 brokers, declined to comment.
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