RBC Wealth Management Expands Tennessee Footprint with $570 Million Acquisition
RBC Wealth Management is bolstering its presence in the Southeast, acquiring two wealth firms – MD Wealth Management Group and JS Wealth Management Group – from Janney Montgomery Scott, collectively managing $570 million in client assets. The strategic move, completed on June 26, significantly expands the firm’s reach within the rapidly growing Tennessee market.
Strengthening Position in Franklin, Tennessee
Both acquired firms are based in Franklin, Tennessee, a city identified as one of the fastest-growing in the United States. This expansion is part of a broader strategy to capitalize on the region’s economic momentum and increasing demand for wealth management services. “We are excited to expand the RBC Wealth Management presence in Tennessee with this new office in Franklin,” stated Mark Borcherding, complex director at RBC Wealth Management. “Our client-first approach to wealth planning, robust capabilities and a culture that offers easy access to management were big draws for these teams.”
MD Wealth Management Group Joins RBC
MD Wealth Management Group brings $370 million in client assets to RBC Wealth. The firm specializes in comprehensive financial planning, including retirement and college planning, catering to families, businesses, and individuals at all stages of life. Leading MD Wealth is Senior Vice President and financial advisor Brad Dickens, alongside Vice President and financial advisor Jason Minor, and senior client associate Colton Wright. Notably, Wright was not affiliated with MD Wealth during its time at Janney.
At Janney, MD Wealth benefited from the support of Debra Roey, the firm’s retirement plan services director, and the expertise of chief fixed income strategists Guy LeBas and Mark Luschini, according to an RBC spokesperson.
JS Wealth Management Group Adds $200 Million in Assets
In addition to MD Wealth, RBC Wealth has acquired JS Wealth Management Group, adding another $200 million in client assets. JS Wealth Management, formerly operating as JS Investment Advisors at Janney, offers a wide range of services including estate planning, investment management, and financial planning. The firm is led by Senior Vice Presidents and financial advisors Jim Stephens and Jamie Smith, supported by senior branch service manager Sheala Smith and senior client associate Ben Davis.
The status of Abby Bannon, previously JS Wealth’s registered private client associate at Janney, regarding a move to RBC Wealth remains unconfirmed. Like MD Wealth, JS Wealth also leveraged the expertise of Guy LeBas and Mark Luschini, Janney’s chief fixed income strategists.
Growth in the Kansas City Complex
This acquisition contributes to a significant 50% increase in RBC Wealth’s financial advisors in Tennessee, facilitated through its offices within the Kansas City Complex, which encompasses both Nashville and Franklin.
RBC Wealth Management, a subsidiary of RBC Capital Markets, currently manages approximately $259 billion in assets across 477,674 accounts, as reported in its latest Form ADV filing in June. This latest expansion underscores the firm’s commitment to strategic growth and delivering comprehensive wealth management solutions to a broader client base.
