Print
Banking & Finance

Former Truist Group Managing $610M Joins Wilmington Wealth Management Office

By Audrey Elsberry, posted Jan 10, 2024
RBC Wealth Management's Wilmington office hired The Cypress Group (pictured), a former Truist Wealth group handling $610 million in client assets. (Photo courtesy of RBC)
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.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Mcwhorter 0005

What is EcoTech?

Heather McWhorter - UNCW Center for Innovation and Entrepreneurship
Unknown 7112393341

Why Feasibility is Paramount to Success

Holly Segur - Lead Intuitively – Corporate Coaching
Tommytaylor ceo unitedway

How Philanthropy Fits Into Your Financial Plan

Tommy Taylor - United Way

Trending News

Bank, Nonprofit Look To Lease Skyline Center Space From City

Emma Dill - Feb 19, 2024

Homebuilders Association Adds Taylor As Director Of Business Development

Staff Reports - Feb 20, 2024

Insurance Company Leases Space In Upcoming Midtown Office Building

Cece Nunn - Feb 20, 2024

Coffee Shop, Bar Takes Flight In Downtown Wilmington

Laura Moore - Feb 21, 2024

Local Women's Impact Network Announces Board Officers, Members

Staff Reports - Feb 20, 2024

In The Current Issue

Locals Cook Up Kitchen Concepts

Local chefs and restaurant industry owners are setting up shared kitchens, some with an entrepreneurial drive....


INFO JUNKIE: Brooke Rudd-Gaglie

Brooke Rudd-Gaglie, vice president, director and practicing broker at Margaret Rudd & Associates Realtors, shares her tech and info picks....


MADE: IKA Works Inc. Equips Labs

IKA Works Inc. manufactures products used by universities, biotech companies and more....

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2023 Power Breakfast: Major Developments