Two Richardson GMP advisors move to RBC

Richardson GMP advisors Mark Farris and Warren Andrukow, whose teams collectively oversaw about $360 million in assets, have jumped to RBC.

Farris, a Richardson GMP veteran, oversaw about $230 million in assets and generated roughly $1.8 million in fee-based revenues over the past year while at Richardson GMP, say people familiar with his book of business. He spent more than 10 years at Richardson GMP. Prior to that, Farris’s LinkedIn profile states he worked as an investment advisor with TD Evergreen for more than five years, and with RBC Dominion Securities for more than seven years.

Read: The equity owner, for a 2012 profile of Mark Farris

Andrukow, meanwhile, oversaw about $130 million in assets and generated roughly $1.4 million in fee-based revenues over the past 12 months at Richardson GMP. He spent more than six years at Richardson GMP and prior to that, more than six years at TD Waterhouse Private Investment Advice, says his LinkedIn profile.

Andrew Marsh, president and chief executive of Richardson GMP, confirmed the departures.

“Our objective is to create a strong environment in which our partners can provide the best advice to their clients and we’re proud of our platform and our advisor partners across the country,” says Marsh in an emailed statement. He adds his firm looks for advisors that “recognize the importance of independence combined with the strength of scale.”

Read: How to switch firms

A spokesperson from RBC did not immediately comment on the broker shifts.

Advisor.ca couldn’t immediately contact Farris and Andrukow for comment, but people reached at their former Richardson GMP offices confirmed they’d gone to RBC.

Richardson GMP has been dealing with broker exits for the past year. Most of the departures have been advisors formerly with Macquarie Private Wealth, which Richardson GMP acquired last year. From the Macquarie side alone, Marsh told Advisor.ca the firm has lost about 13 advisors that it wanted to keep. Those advisors collectively oversaw about $1.3 billion in assets.

Read: Richardson GMP tackles Macquarie broker exits

Marsh said in October that the firm expects to recruit new advisors over the next six months who are expected to bring in about $1 billion in assets.