NEW YORK (Oct. 16, 2020) – Building on a year of unprecedented recruiting momentum throughout the country, RBC Wealth Management – U.S. today welcomed an all-female advisor team with a 23-year legacy of working together to its New York Midtown office. The team has a well-known presence and robust client base inside the epicenters of the music and entertainment industries: Los Angeles, Nashville and New York.
Managing more than $1.2 billion in assets and boasting more than 100 years of combined industry experience, The LSS Group brings a high-touch and very customized wealth management practice that is uniquely set up to meet the needs of high net worth individuals and executives in the business, real estate, entertainment and music sectors.
“Not only does our team have a long-standing relationship with local RBC Wealth Management leadership in New York, but we also see the firm’s relationship with City National Bank as an opportunity to even better meet the very unique financial needs of our clients, especially those in the entertainment industry, where managing money is very different,” Lopez said. “The strength and stability of RBC and the ability to double down on our presence in L.A., Nashville and New York all led to the decision to move our practice.”
City National, a subsidiary of Toronto-based Royal Bank of Canada, has a long history of specializing in and serving the entertainment industry, and provides highly tailored financial advice and personal service to over 80% of the country music industry in Nashville, as well as half of all Broadway shows and much of the film and television industry. The bank’s teams in L.A., Nashville and New York will collaborate closely with The LSS Group to offer clients a full breadth of financial services and City National’s suite of technology solutions designed specifically for the needs of the entertainment industry.
The team was also drawn to RBC Wealth Management’s industry-leading fixed income trading capabilities.
“The fixed income market is a negotiated market, so the ability to have a conversation and interact directly with traders is critical,” Schwartz said. “Still, most firms don’t allow advisors direct access to the traders. But at RBC, trading isn’t purely electronic. There is a human element in the business that really appealed to us.”
Working with some of the biggest names in music and entertainment, The LSS Group in their own right has earned recognition and accolades for strong wealth management leadership.
Lopez was named a Forbes “Best in State Wealth Advisor” for New York in 2019 and 2020; a Forbes “Top Women Wealth Advisor” in 2019 and 2020; and a “Top Wealth Advisor Mom” by Working Mother Magazine in 2019 and 2020.
Schwartz was named a Forbes “Best in State Wealth Advisor” for New York in 2020.
Steinberg was named a Forbes “Best in State Wealth Advisor” for New York in 2019 and 2020; and a “Top Wealth Advisor Mom” by Working Mother Magazine in 2019 and 2020.
Another influence on the team’s move to RBC was the opportunity to reconnect with New York Complex Director John Moran, whom the team worked with more than a decade ago at Smith Barney.
“Having worked with these incredible women in the past, I can say first-hand how their drive, ambition, expertise and strong wealth management practice will be a great fit for our team,” Moran said. “They have become the gold standard for wealth management, and I look forward to helping them grow their impressive practice even further.”
“The leadership within RBC, both locally and nationally, is completely focused on helping advisors like us create great experiences for our clients,” Steinberg added. “The bottom line is that our values and fierce commitment to helping our clients thrive is echoed throughout RBC. We are beyond excited to join the firm.”
For more information on The LSS Group, visit the team’s website.
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 $414 billion in total client assets with more than 2,000 financial advisors operating in 179 locations in 42 states.
With $70.3 billion in assets, City National Bank provides banking, investment and trust services through locations in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Atlanta, Minneapolis, Washington, D.C., and Miami,* In addition, the company and its investment affiliates manage or administer $81.3 billion in client investment assets.
City National is a subsidiary of Royal Bank of Canada (RBC), one of North America’s leading diversified financial services companies. RBC serves more than 17 million personal, business, public sector and institutional clients through offices in Canada, the United States and 34 other countries.
For more information about City National, visit the company’s website at cnb.com.
Tim Nelson, RBC Wealth Management, 612-371-2239, tim.nelson@rbc.com
*City National Bank does business in Miami and the state of Florida as CN Bank.
The 2020 Forbes “Top Women Wealth Advisors” award was announced April 2020. Data as of 9/30/2019. The 2019 Forbes “Top Women Wealth Advisors” award was announced April 2019. Data as of 9/30/2018. The award was developed by SHOOK Research and is based on in-person and telephone due diligence meetings to evaluate each advisor qualitatively, a major component of a ranking algorithm that includes: client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of SHOOK Research, LLC and not indicative of future performance or representative of any one client’s experience. The financial advisor does not pay a fee to be considered for or to receive this award. This award does not evaluate the quality of services provided to clients. This is not indicative of this financial advisor’s future performance. For more information: www.SHOOKresearch.com.
The 2020 Working Mother Magazine’s “Top Wealth Advisor Moms” award was announced September 2020. Data as of 3/31/2020. The 2019 Working Mother Magazine’s “Top Wealth Advisor Moms” award was announced October 2019. Data as of 3/31/2019. SHOOK considered women advisors with children living at home under 21 years of age. The ranking algorithm is based on qualitative measures derived from telephone, virtual and in-person interviews and surveys, considering factors such as: service models, investing process, client retention, industry experience, review of compliance records, firm nominations, etc.; and quantitative criteria, such as assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Investors must carefully choose the right advisor for their own situation and perform their own due diligence. SHOOK’s research and rankings provide opinions intended to help investors choose the right financial advisor and are not indicative of future performance or representative of any one client’s experience. Past performance is not an indication of future results. The financial advisor does not pay a fee to be considered for or to receive this award. This award does not evaluate the quality of services provided to clients. This is not indicative of this financial advisor’s future performance. For more information, please see www.SHOOKresearch.com.
The 2020 Forbes “Best-In-State Wealth Advisors” award was announced January 2020. Data as of 6/30/2019. The 2019 Forbes “Best-In-State Wealth Advisors” award was announced February 2019. Data as of 6/30/2018. The award was developed by SHOOK Research and is based on in-person and telephone due diligence meetings to evaluate each advisor qualitatively, a major component of a ranking algorithm that includes: client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of SHOOK Research, LLC and not indicative of future performance or representative of any one client’s experience. Neither Forbes nor SHOOK Research receive compensation in exchange for placement on the ranking. The financial advisor does not pay a fee to be considered for or to receive this award. This award does not evaluate the quality of services provided to clients. This is not indicative of this financial advisor’s future performance. For more information: www.SHOOKresearch.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.
City National Bank is an affiliate of RBC Wealth Management a division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC, and an indirect wholly-owned subsidiary of the Royal Bank of Canada. City National Bank Member FDIC. Banking products and services offered by City National Bank are not SIPC insured and are subject to City National Bank’s terms and condition. RBC Wealth Management and/or its employees may receive compensation from RBC Wealth Management for referring clients to City National Bank.