By David Wignall

RBC Wealth Management recruited three financial advisors overseeing approximately $1.1 billion in combined client assets from UBS. The change marks the latest in a series of defections from UBS to Canada's largest bank.

Advisors Robert Miller, Scott Murray, and Mark Grueninger will join RBC offices in St. Paul, Minn., Boise, Idaho, and Beverly Hills, Calif., respectively. All three advisors are brokerage industry veterans. Miller had been with UBS since 2006, according to BrokerCheck, a public database maintained by industry self-regulatory organization Finra. Murray, meanwhile, had been with UBS since 1997, and Grueninger since 2014, having previously worked at Merrill Lynch and Bank of America from 2003 to 2014.

The moves are part of a broader recruiting campaign by RBC, which has lured several high-profile teams away from its Swiss rival in recent months. In May, a $1.6 billion UBS team joined RBC's Boise office, while another group with $500 million moved to RBC's office in Syracuse, N.Y. In September 2024, a $2.8 billion UBS team moved to RBC's Atlanta office, where they joined a $5.5 billion team who defected the year before.

Tom Sagissor, president of RBC Wealth Management, says the company is striving to attract more advisors across the U.S. In recent months, the Canadian bank has recruited several wealth management teams from other American banks, including from J.P. Morgan and Morgan Stanley.

In January of this year, UBS warned that it could experience a spike in attrition following changes to its advisor compensation plan. In March, the Swiss bank reported that its advisor head count for its Americas unit had fallen by 195 compared with a year earlier.

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June 13, 2025 16:16 ET (20:16 GMT)

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