LOS ANGELES (December 4, 2019) — RBC Wealth Management – U.S. is making another bold move in southern California with the opening of its first branch in the downtown Los Angeles business district. The new office will be strategically located in the City National Plaza at 555 South Flower Street in Los Angeles, enabling even greater synergy between the two brands, which came together when RBC acquired City National in late 2016.
Industry veterans Roger Stephens and Daniel Rothenberg, who are both well known in the Los Angeles business community and philanthropic circles, will anchor the new branch. Stephens, Managing Director–Financial Advisor, has 28 years of industry experience; and Rothenberg, CIMA®, Managing Director–Financial Advisor, has 13 years of experience. The team manages approximately $7.5 billion in assets and joins RBC Wealth Management from UBS. Also moving with the team is senior business associate Michelle Hadi, senior financial associate Grace Kim, senior registered client associate Robin Kim, and investment associate Akiva Glazerson.
“We are excited to come to a firm that has a smaller, more focused group of people where we feel we can really make a difference,” Rothenberg said. “RBC has a boutique feel across the board, which gives us the flexibility to run our business the way we want.”
“The opportunities that may come from being so closely aligned with City National Bank also added to the appeal of RBC,” Stephens added.
The addition of the downtown Los Angeles office and flagship team are the latest in a series of investments the firm has made in the area. In the past two years, RBC Wealth Management – U.S. has recruited 35 advisors throughout California and has grown in its Northern and Southern California complexes, most recently with the opening of its Marin County branch in the Bay Area.
“We are thrilled to begin our growth into Los Angeles’ financial hub with such an experienced and well-established team,” said Mike Melton, director of the firm’s Southern California complex. “Roger and Dan have deep roots in southern California, both as longtime residents and with their work in the community, so it just makes sense that they help pave the way downtown for RBC.”
The team will be based in Pasadena for a short time, and will then move to temporary space in City National Plaza while the permanent branch is being constructed.
In the United States, RBC Wealth Management operates as a division of RBC Capital Markets, LLC. Founded in 1909, RBC Capital Markets, LLC is a member of the New York Stock Exchange, the Financial Industry Regulatory Authority, the Securities Investor Protection Corporation, and other major securities exchanges. RBC Wealth Management has $384 billion in total client assets with more than 1,900 financial advisors operating in 170 locations in 42 states.
Tim Nelson, RBC Wealth Management, 612-371-2239, tim.nelson@rbc.com
Investment and insurance products offered through RBC Wealth Management are not insured by the FDIC or any other federal government agency, are not deposits or other obligations of, or guaranteed by, a bank or any bank affiliate, and are subject to investment risks, including possible loss of the principal amount invested.