February 21, 2024



Morgan Stanley has been actively recruiting First Republic advisers after its misfortune in the banking crisis that began last month.

On Friday, the telecommunications company hired a 12-person team led by four financial advisors that oversees $3 billion in assets in San Francisco.The move was unsolicited, a Morgan Stanley spokesman confirmed in an email, adding more than ten According to media reports, it is of the same nature as in the past month – at least 21 so far.

team advisor, Sean F. Brickmont, David Dudek, Stephen R. Marotto and Randy Peterson, will join Morgan Stanley as managing director. Their team reported $23 million in revenue over the past 12 months, a person familiar with the matter said. All of these individuals are still registered with First Republic’s BrokerCheck profile as of this writing.

Many of the dozens of advisers who have left First Republic in the past month have spent most of their wealth management careers at firms in other industries, often from wire companies. The team appears to be largely made up of First Republic veterans who in some cases joined the wealth industry there.

Bricmont joined First Republic in 2006 from Nelson Capital Management, where he was a portfolio manager. LinkedIn Briefly, he left his position as managing director. According to him, Dudek joined the bank from Andersen Tax in 2014 and became a wealth manager at the firm, leaving as a managing director. LinkedIn profile. Marotto joined in 2008 from PricewaterhouseCoopers, where he was a partner LinkedIn profile explain. He also moved into wealth management, where he made his mark at First Republic, where he also rose to managing director over the years.Peterson’s LinkedIn profile Said he joined from what was then US Trust in 2006 before it was acquired by Bank of America. Now Bank of America Private Bank. He left First Republic as Senior Managing Director and Portfolio Manager.

First Republic helps Bricmont get recognized this year because Fifth consecutive yearas one of Barron’s top consultant. Dudek and Marotto also achieve During his tenure at the company, he was ranked among the best next-generation wealth advisors by Forbes.

exist another native action Morgan Stanley confirmed yesterday that consultant John Paul Garofalo returned as a junior team member in the Los Angeles area, having just left A month ago, First Republic’s team was managing $1.2 billion. As of April 13, Garofalo had registered again with his old employer, According to BrokerCheck. He is still registered with the First Republic.

wire house Touching $6 trillion At the end of the first quarter, it had $4.6 trillion in total client assets, including $4.6 trillion in its wealth arm, and is on track to reach its $10 trillion goal.

On Friday morning, RBC Wealth Management also announced that it had hired a team of two First Republic advisors in San Francisco, where First Republic is headquartered — Mark Allen Friedman and Mitchell Ryan Peterswho has $400 million under management asset. The move was also unsolicited, a spokesperson confirmed in an email Friday.