Royal Bank of Canada is planning to extend its US wealth management business by hiring experienced financial consultants, rather than buying entire firms, Reuters reports.

George Lewis, head of RBC's wealth management unit, told an investor conference that the bank is receiving calls from wealth managers at embattled US financial firms who are looking to move.

"Frankly we think we have an 'acquisition opportunity' in the turmoil that's gone on with Lehman Brothers, at Merrill at other firms there," Mr Lewis was quoted as saying. "We're getting calls from financial consultants looking to join RBC, so that's what we're going to be focused on I think for the next several months."

Mr Lewis said that hiring staff is much cleaner than acquiring a firm, "where you inherit things other than the people."

Traditionally, wealth managers were thought to be lucky to take over as much as 20 per cent of client assets to a new firm, so hiring emphasis has usually centred on the ability of advisors to bring in fresh assets. Analysts say that at the moment, brand loyalty may not be as strong as in the past, especially amongst clients of firms that have had recent adverse publicity.