RBC Wealth Management’s Wilmington office has hired Truist Wealth’s The Cypress Group, a five-person team that manages $610 million in client assets.
On Jan. 4, RBC Wealth Management-U.S. signed on the former Truist group. The team includes Managing Advisor Paul Brinkley, Senior Vice President Jeremy Beakes and financial advisor Adam VanDamme — all of whom joined Truist through its 2019 acquisition of BB&T Securities. Client associates Meredith Clark and Leticia Glenn-Jones will follow as a part of the deal, according to RBC officials.
With the addition of The Cypress Group, RBC’s Wilmington office at 1055 Military Cutoff Road now has a total of nine financial advisors.
“We were looking for a firm with the resources necessary to serve the increasingly complex needs of our clients, but culture was also at the top of our list of priorities,” Brinkley told the Business Journal in an email. “We found both at RBC – world-class capabilities with a family-like culture.”
The Cypress Group specializes in high-net-worth individuals, business owners, executives and their families, according to RBC officials. The team will report to Robin Long, RBC’s South Atlantic Complex director.
RBC has $513 billion in total client assets. The wealth management firm has 2,100 financial advisors operating in 190 locations in 42 states, according to RBC. RBC Wealth Management-U.S., a member of multiple securities exchanges, is a division of RBC Capital Markets LLC.
RBC’s acquisition of The Cypress Group from Truist comes as the Charlotte-based bank plans to close about 80 branches, or almost 4% of its branch network, in March, as first reported by American Banker
. These latest closures continue Truist’s $750 million cost-cutting initiative, which was announced in September.