By David Wignall
RBC Wealth Management keeps luring advisors away from UBS. Canada's largest bank announced on Thursday that it had recruited Centennial Wealth Management Group, which previously managed $1.1 billion in client assets at UBS. The nine-member team will join a new office in Purchase, New York.
Centennial is led by advisors Glenn R. Bianco and Michael G. Daly, both industry veterans whose careers have moved in parallel. Both began their careers at First Union Securities, in 1996 and 1999, respectively. They then moved to Smith Barney in 2005 and UBS in 2014, according to BrokerCheck, a public database maintained by industry self-regulatory organization Finra.
John Moran, RBC's New York metro complex director, called Centennial an "elite" team. "This team is skilled at navigating various aspects of wealth planning, and we are excited they decided to join RBC Wealth Management," he said.
The move continues a hot streak for RBC, which has been aggressively recruiting advisory teams away from its Swiss rival. Earlier this month, three UBS advisors with $1.1 billion joined RBC. In May, a $1.6 billion UBS team joined RBC's Boise office, while a $500 million group decamped to RBC in Syracuse, N.Y. And in September 2024, a $2.8 billion UBS team moved to RBC's Atlanta office, where they joined a $5.5 billion team who jumped ship the year before.
In November 2024, UBS announced that it would overhaul its advisor compensation plan, cutting a lucrative team bonus which previously benefited large teams. In January of this year, the Swiss Bank warned that the compensation changes could lead to a spike in advisor attrition.
A spokesperson from UBS declined to comment.
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June 27, 2025 13:47 ET (17:47 GMT)
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