RBC Wealth Management hired four more First Republic advisors this week to manage $955 in combined assets as the San Francisco bank’s dismal fallout deepens earnings report. The First Republic reported on Monday that the banking crisis last quarter resulted in $102 billion in deposit losses and said it would cut as much as 25% of its workforce.
Mark Allen Friedman and Mitchell Ryan Peters changed their registration with BrokerCheck to RBC on Thursday, although they were still registered with First Republic as of Friday morning. RBC confirmed the news in a press release on Friday, saying they would be joining under the Friedman Peters Group name. Friedman and Peters manage $400 million in client assets and will join RBC’s San Francisco office as managing directors and financial advisors.
Also, Tuesday Bryan Addington Also joined RBC Wealth’s San Francisco office as a managing director and financial advisor reporting $300 million in client assets.Theresa Allen Joins Newport Beach Office on Monday Reported $255 million in client assets as managing director and financial advisor. RBC confirmed the news in a press release on Tuesday. Both brokers are also still registered with First Republic as of this writing.
The moves come at a time when RBC Wealth Management’s parent company, Royal Bank of Canada, is the 10th largest bank in the world by market capitalization, Steps up its game on both fronts Promote its stability, resources, and low-pressure culture to next-generation clients and pitch consultants compared to wirehouses.
That pitch, and others produced by regional companies such as Stifel brags this week The strong liquidity position is likely to be welcomed by First Republic brokers — many of whom are already veterans of the wire world.Friedman and Peters leave UBS The First Republic in 2017.Addington was a longtime Merrill Lynch broker while in the First Republic Rob him in 2020. Allen has been with First Republic since 2010, joining from UnionBanc, According to her BrokerCheck records.
“Royal Bank of Canada Wealth Management continues to add extraordinary talent running top-tier businesses in Northern California,” Michael Schieper, director of the Northern California Complex at RBC Wealth Management, said in a statement to Friedman Peters Group on Friday. express. “We’re excited to welcome Mark and Mitch to our customer-centric culture.”
In a separate statement Tuesday, Schipper said Addington “is well respected in the San Francisco community for building lasting relationships with clients.”
“Theresa is another excellent addition to our fast-growing Newport Beach office,” Michael Melton, head of Southern California complexes at RBC Wealth Management, said in a statement Tuesday about Allen’s move.
two weeks ago, RBC has landed a $1 billion team First Republic consultants, unsolicited, in the same Newport Beach office.
Several other advisors also left the firm earlier this week after First Republic’s earnings revealed that it had lost about 10% of its wealth management staff, which managed accounts for less than 20% of the company’s wealth assets.The bank’s shares plummeted to historical low Following its brief earnings call, Bank executives refuse Take questions from analysts.its market value Fall below $1 billion wednesday, although it is back on that mark As of Friday.Reuters said Friday U.S. officials are in “urgent” talks to save the bank.
JP Garofalo, leaves Morgan Stanley to join First Republic March As part of a six-person team that oversees $1.2 billion in assets, a company spokesman confirmed in an email Thursday that he would voluntarily rejoin his old employer as a junior team member.This news was first reported on wealth managementGarofalo’s teammates, including advisers Alexander Kadish and Nicholas Davey, will not be traveling with him, Morgan Stanley said.
A JPMorgan spokesman confirmed that JPMorgan Advisors has hired Catherine Chase Kramer and Wendy Doyle Wednesday.They manage $1.3 billion in assets at AdvisorHub First Republic Report, citing figures from Forbes this year. The bank declined to speak publicly when asked whether the employees were unsolicited hires.Employees at JPMorgan and a number of other big banks, including Wells Fargo, Citigroup and Bank of America, have been indicated in an internal memo Don’t poach employees from rivals made vulnerable by last month’s bank run.
UBS on Tuesday also hired Brian Zakrocki and Joseph Wladyka as managing directors and private wealth advisors in New York City, according to an emailed news release.consultants try over $4 billion Assets when they joined First Republic from Goldman Sachs in 2020.
Regional leader and wealth advisor Daniel Lee also left the First Republic join in Wednesday Registered Investment Advisor Certuity as Partner, Chief Revenue Officer and Wealth Advisor, AdvisorHub Reports.
AdvisorHub said earlier this week that the total number of First Republic advisors who have left since the events of last month’s banking crisis is at least 43.
although still have a chance Banks may stabilize and see attrition taper off, with more departures likely as advisors face challenges pressure from customers Go wherever it is deemed safer – whether it’s a power line plant, a regional company, a company in a supported independent space, or an RIA.
However, they may have to sacrifice compensation at the same time, as the First Republic is known to offer some of the highest transition deals on the market, up to 400% Production for the last 12 months.
“If the damage to First Republic’s reputation causes people to pull out of their wealth management assets, the advisor says ‘you know what, I’m leaving. I’m going to take a lower payout because I’m at risk that I’m going to lose assets and customers,” Wells Fargo analyst Jared Shaw said in an interview.