Industry Moves

Merrill Lynch Loses FAs to RBC Wealth Management

RBC Wealth Management says it has poached more financial advisors from Merrill Lynch.

The Gounaris Bachmann Group, which previously managed around $426 million at Merrill Lynch, primarily for high-net-worth business owners and professionals, has joined RBC’s Baltimore branch, according to a press release from RBC.

The team includes financial advisors Daniel Gounaris, a 29-year veteran of the financial services industry, and Daniel Bachmann, who’s been in the industry for 19 years, as well as senior registered client associate Denise Fiamingo and client associate Melinda Wise, RBC says.

“After careful thought and consideration, we made the decision to join RBC Wealth Management because of its smaller-firm culture, coupled with access to the global resources of RBC,” Gounaris says in the press release. “The firm also has a strong reputation of always acting in the best interests of clients, which is important to us as we continue to build wealth management strategies designed to meet our clients’ needs and goals.”

RBC has picked up several advisors from Merrill Lynch over the past few months. In December, it added a team of advisors in California who previously managed around $300 million at Merrill Lynch. The wirehouse also lost a $246 million team of advisors in Denver to RBC in October.

RBC’s wealth management business overall now has more than 2,000 financial advisors overseeing $389 billion from 170 locations in 42 states, the company says.

LPL-Affiliated Firm Adds FA Practices in California

Golden State Wealth Management, an LPL Financial-affiliated RIA, says it’s added two financial advisors.

Curt Howard, owner and founder of Curt Howard Wealth Management & Insurance Solutions, joins Golden State in Yuba City, Calif., according to a press release from Golden State. Howard has been in the financial services industry since 1992 and has been registered with LPL since 2016, according to BrokerCheck.

Brian Rasmussen, owner of Rasmussen Advisors, has joined Golden State in Folsom, Calif., Golden State says. Rasmussen works with individual clients and helps firms develop and manage corporate retirement plans, according to the press release. He joins Golden State from Edward Jones, where he began his financial services industry career in 2015, according to his BrokerCheck profile.

The recent additions expand Golden State’s footprint in the greater Sacramento area and mark the firm’s second location in Yuba City, the company says. Founded in 2013, Golden State’s family of companies offers advisors support with succession planning, compliance oversight, dedicated transition support, a cost-efficient investment platform and a TAMP aimed at providing advisors with equity ownership opportunities, according to the press release.

Golden State, whose advisors offer securities through LPL, has now partnered with advisors managing more than $1.5 billion in brokerage and advisory assets, Golden State says.