RBC Loses $1.1B Baltimore Team as Rosenwald Private Wealth Goes Independent With Indivisible

RBC Wealth Management has lost a Baltimore team overseeing about $1.1 billion to Indivisible Partners, the RIA founded by former Merrill wealth chief John Thiel.

RBC Wealth Management has lost a Baltimore practice overseeing about $1.1 billion, after Beth Rosenwald and her partners took their book independent on Indivisible Partners, the Clearwater, Fla., registered investment adviser started by former Merrill Lynch wealth chief John Thiel. Indivisible announced the move in an Oct. 9 release, and SEC adviser records show the team's advisory registrations with Indivisible taking effect that same day.

The group now operates as Rosenwald Private Wealth, with advisory services run through Indivisible Partners LLC. Rosenwald leads it alongside Matthew Kunkel and Aleksandra "Leksi" Kovalerchik. WealthManagement.com, which first reported the roster, also names senior wealth planning strategist Brennan Dunn and wealth planning strategist Andrew Conn. Indivisible's own release puts the team at six advisory members serving wealthy and very wealthy individuals and multigenerational families.

The leaders' records tell a story of Baltimore brokerage consolidation. According to BrokerCheck (CRD 1844501), Rosenwald first registered in 1988 at The Stuart-James Company, then spent 1989 to 1997 at Ferris, Baker Watts and nearly nine years at Legg Mason Wood Walker, both Baltimore-rooted houses. Her registration moved to Citigroup Global Markets in February 2006, after Citi took over Legg Mason's brokerage arm, and she landed at RBC in March 2008. Kunkel (CRD 4250883) followed the same Legg Mason to Citi to RBC path, starting in 2000, and Kovalerchik (CRD 4818653) came to RBC from Citi the same spring. Dunn (CRD 6588831) began at RBC in 2016 and Conn (CRD 6872597) in 2019. None of the five shows a disclosure event. As of Oct. 16, BrokerCheck still listed RBC Capital Markets registrations next to the new Indivisible ones, a lag common after a move.

Rosenwald framed the exit as a question of ownership. In comments carried by WealthManagement.com, she said Indivisible gave the team the independence and support it wanted while letting it own the business it had built. In the release, she said going independent keeps the team's client relationships and planning approach intact while widening how it can operate.

Indivisible is still a young firm. Its first Form ADV brochure says the adviser was formed on July 2, 2024, as a subsidiary of a holding company called Forabya LLC, and it reported zero regulatory assets as of Oct. 1, 2024. SEC registration took effect Nov. 1, 2024. Its founding bench is largely ex-Merrill, with Thiel as executive chairman and fellow Merrill alumni such as John Hogarty, Paul Lambert, Bill Lorenz and Tom Fickinger in senior roles. Advisors keep 100% of their practices and can take equity in the parent, according to WealthManagement.com. The firm's first recruit, early in 2025, was Woodring LeRoy Capital Advisors, a New York team from Merrill with about $640 million. FMB Wealth Management of Westlake Village, Calif., followed in July 2026 with $800 million, and Indivisible says six teams holding more than $3 billion have joined in recent months. The firm's SEC record now lists a dozen team trade names, including Achieve Wealth Partners, Somerset Advisory, SanWealth Partners, KH Private Wealth and Aligned Private Wealth.

That makes Rosenwald one of Indivisible's largest single additions to date, and the first we could find that came from RBC rather than Merrill or another bank channel. The move also fits a run of billion-dollar teams leaving bank-owned brokerages for independence this year, among them HighWater Wealth, which AltsWire said took about $2.4 billion from U.S. Bank to LPL Financial in July, and Doyle and Loughman Wealth Management, which it said shifted about $1.76 billion to Carson Group out of the Wells Fargo independent channel known as FiNet. RBC has also seen smaller breakaways to RIAs, such as the McEwen Group's merger with Omaha-based Prairie Wealth, reported by WealthManagement.com.

Neither RBC nor Indivisible disclosed the team's revenue or production, and the release did not say whether the $1.1 billion is all advisory assets or includes brokerage accounts.