RBC Wealth Management has expanded into the state of Louisiana, opening a new branch in New Orleans with a five-person team that had been managing over $1.2 billion in client assets for UBS.
The Heller Stieffel & Noto Wealth Management team, led by Mark Heller and Diana Dalton Stieffel, joined RBC after being with UBS for over 16 years, according to BrokerCheck.
The office is RBC’s first in the state as it seeks to expand across the United States. The Toronto-based wealth manager, a subsidiary of the Royal Bank of Canada, now has 195 offices in the U.S. across 43 states.
The Heller Stieffel & Noto Wealth Management team includes three financial advisors and two support staff. The firm has client relationships in various states, not just Louisiana.
“The Heller Stieffel & Noto Wealth Management team is an experienced, highly-respected group with deep roots in the New Orleans community,” Scott Skinner, RBC’s mountain south divisional director, said in a statement. “We are very excited to launch this new branch in Louisiana, welcome the team and help support their growth.”
RBC has grown new advisor assets through July 2025 by 67% compared to the same period last year, while the firm’s financial advisor headcount has grown by more than 22% since 2020. The firm had 2,200 financial advisors managing $640 billion in client assets as of April 30, 2025, the most recent data available.
UBS, which has its headquarters in Zurich and Basel, Switzerland, has been struggling with a decline in advisor headcount following the restructuring of its compensation setup in late 2024, which favored the highest-producing team members over the entire group.
CFO Todd Tuckner stated during the firm’s third-quarter earnings call that the firm expects attrition to moderate, driven by a pipeline of newcomers and a new program designed to retain advisors through retirement.
