By Molly Bordoff
RBC Wealth Management has launched its first expansion into Louisiana, opening a branch in New Orleans for Heller Stieffel & Noto Wealth Management's five-person financial advisory team. The group joins the firm from UBS, bringing over $1.2 billion in client assets to RBC.
The move marks the latest in a recent string of advisor departures from UBS to RBC as the Toronto-based firm has sought to recruit high-profile teams away from its rival.
Led by Mark Heller and Diana Stieffel, the team joins RBC after nearly 17 years with UBS. Though the group carries strong ties in New Orleans, it serves clients across the country -- not just in Louisiana.
"The Heller Stieffel & Noto Wealth Management team is an experienced, highly-respected group with deep roots in the New Orleans community," says Scott Skinner, who directs RBC's Mountain South division. "We are very excited to launch this new branch in Louisiana, welcome the team, and help support their growth."
Heller and Stieffel, both managing directors and financial advisors, share over 37 years of industry experience and joined UBS in 2008 and 2009, respectively. Prior to joining UBS, both operated out of New Orleans, with Stieffel having been in the city since 1997.
The two join RBC with financial advisor Andrew Noto, senior client associate Colleen Kirkpatrick, and senior investment associate and branch service manager Terri Folkins. Noto joined UBS in 2022 after spending seven years with Ameriprise.
RBC Wealth Management, a Toronto-based firm, has continued to expand its financial advisor presence in the U.S. in recent years. It now has 195 offices across 43 states.
As of July 2025, the end of RBC's third quarter, new advisor assets were up 67% compared with the same period a year earlier. The firm recently brought on Kevin Carey, a high-profile advisor from J.P. Morgan Wealth Management with nearly $1 billion in AUM.
"RBC Wealth Management has experienced strong, sustained growth over the past several years and we continue to carry the momentum forward," says RBC President Tom Sagissor. "We are extremely pleased to open in Louisiana, as we continue to work alongside top financial advisor teams to offer a holistic approach to wealth management."
UBS has reported the loss of nearly $9 billion in client assets since September following declines in advisor head count this year. Losses come in the wake of firmwide compensation structure adjustments, which curbed pay for some advisors, although the new compensation plan for 2026 addresses those issues.
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
November 11, 2025 15:56 ET (20:56 GMT)
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