RBC Wealth Management Adds Nepa/Susco Team From UBS in Pittsburgh, More Than $1B in Client Assets

RBC Wealth Management has added the Nepa/Susco Team, which oversaw more than $1 billion in client assets at UBS, in Pittsburgh.

RBC Wealth Management has picked up another practice from UBS. The Nepa/Susco Team, a group that oversaw upward of $1 billion for clients at UBS, is now working out of RBC's Pittsburgh North branch in Pennsylvania, according to an RBC spokesperson cited by WealthManagement.com and an announcement covered by InvestmentNews on Thursday, October 22.

The group is run by Raymond Nepa and Jennifer Susco, who each carry the managing director and financial advisor titles. Three colleagues came with them: Julia Munchel, who holds a first vice president title as an advisor; Karen Venneri, a senior investment associate; and Max Freed, a client associate. That makes five people in total. InvestmentNews put the team's combined industry experience at 70 years.

The two leaders spent most of their careers at UBS. BrokerCheck shows Nepa registered with UBS Financial Services in January 1995 and Susco in December 2007, and both added RBC Capital Markets registrations on October 22. For Nepa, that is about three decades under one roof. Leaving after that long usually signals a deliberate decision rather than a reaction to a single event.

The practice serves ultra-high-net-worth and affluent clients, including families and corporate executives. Its work covers investment management, risk management and estate planning under a broader wealth planning umbrella.

Frank Albanese, who directs RBC's Great Lakes complex, said in a statement that the team was attracted by RBC's collaborative culture, by having leaders with authority nearby, and by the range of resources available to serve clients. The point about having leaders with authority nearby is a familiar pitch from firms smaller than the largest wirehouses. They argue that branch and regional leaders can approve things locally that would take longer to clear at a bigger bank.

The hire fits a pattern. RBC has been pulling teams out of UBS throughout 2026. WealthManagement.com reported that in July the firm landed a UBS group overseeing about $1.5 billion in Palm Beach Gardens, Florida, and that earlier it added a $1.6 billion team from Stifel in Dallas. Neil McLaughlin, who leads RBC Wealth Management, set a target in a March interview with that outlet of adding 600 advisors by 2029. RBC Wealth Management in the U.S. currently counts about 2,200 advisors in 195 offices across 43 states and sits inside RBC Capital Markets as a division, per the same report.

For UBS, Pittsburgh is one more data point in a year of steady departures among its American advisors. Competitors have been targeting veteran teams with large, established books.

Industry analysts are also paying closer attention to what this kind of recruiting costs. Transition packages for large teams remain expensive. Investors increasingly ask whether the assets a firm buys through recruiting will earn back the upfront money, not just how much new money comes in the door. RBC has not disclosed the terms of the Nepa/Susco deal.

WirehouseHUB will update this story if the team's BrokerCheck registration or RBC's branch materials add detail on the move.