Financial Advisor IQ reported on October 22 that RBC Wealth Management had taken on a unit overseeing over $1 billion in client assets previously held at UBS. The team, known as Nepa/Susco, has joined RBC's Pittsburgh North branch in Pennsylvania, according to other outlets; the Financial Advisor IQ summary does not mention the branch. Other outlets covered the same move, and the accounts differ mainly on team size and background details.
The team is led by Raymond Nepa and Jennifer Susco, both managing directors and financial advisors, according to Wealth Management. Team size is reported inconsistently. InvestmentNews describes a five-person group that also includes Julia Munchel, Karen Venneri and Max Freed, and it puts the team's combined experience at 70 years. Other outlets describe three advisors plus support staff. The more than $1 billion figure refers to client assets the team oversaw at UBS.
According to Wealth Management, the group works with ultra-high-net-worth and affluent households, and its practice centers on planning for wealth, investing, managing risk and estates. FA Magazine reported that the team reports to Great Lakes Complex Director Frank Albanese. Wealth Management quoted Albanese as saying the team had been attracted by a teamwork-oriented environment, proximity to decision makers and a wide array of resources.
BrokerCheck records, as cited by Wealth Management, show Nepa has been with UBS since 1995 and Susco since 2007. According to BrokerCheck as cited by FA Magazine, Nepa's earlier career began in 1982 at Richards, Lynch & Pegher, moved to Kidder, Peabody & Co. in 1987, and then reached UBS through its 1995 successor relationship. Sources differ on when Munchel started at UBS, and that date could not be verified against BrokerCheck. Reports say RBC confirmed the hire to press or through a spokesperson, but the firm's own release was not located. A UBS spokesperson declined to comment on the move, according to Ginette Pitre.
According to Wealth Management, RBC Wealth Management counts roughly 2,200 advisors in 195 offices spread across 43 U.S. states, and it is a unit of RBC Capital Markets. CEO Neil McLaughlin said in a March interview that the firm is working to add 600 advisors by 2029, as cited by Wealth Management. Diamond Consultants' 2026 report ranked RBC third among destinations for advisors who left UBS in the first half of 2026, after Wells Fargo and Morgan Stanley. Tallies of RBC's UBS recruiting vary by source and period, so the totals are not directly comparable.
The move comes amid sustained advisor departures from UBS. InvestmentNews reported that UBS's Americas advisor headcount was 5,644 in mid-2026, a 2.2% decline year over year. An AdvisorHub tally counts at least 27 UBS teams managing $28 billion that left for rivals in the first half of 2026, and at least 54 teams with nearly $52 billion for full-year 2025. Ginette Pitre linked the attrition to UBS changes to advisor payouts, including the elimination of a popular teaming bonus. UBS is headquartered in Zurich, Switzerland.
For advisors and recruiters, the Nepa/Susco move is another example of a large wirehouse team moving to RBC's Pittsburgh platform. Earlier RBC additions cited in the coverage include a $1.5 billion UBS team in Palm Beach Gardens, Florida, in July 2026, and a nearly $1.6 billion Stifel team that joined its Dallas branch on July 17, 2026, according to RBC's newsroom. The sources do not say how the Pittsburgh team's clients have been or will be handled after the move.