$5-Mln Broker Sidelined by First Republic Goes Independent
A high-producing broker who First Republic Bank sidelined two weeks ago, has joined Private Advisor Group, a sprawling LPL-affiliated network of independent registered investment advisors and brokers.
First Republic put the 20-year industry veteran on leave earlier this month after discovering that he was arranging his new business plans, sources said at the time. He registered with PAG on February 14.
Feinstein, whose BrokerCheck record said he remains registered with the Financial Industry Regulatory Authority as a First Republic broker, did not return a call for comment about his decision or whether he has become a fee-only advisor.
Private Advisor Group, an office of supervisory jurisdiction based in Morristown, New Jersey, has 680 advisors managing $19.4 billion in advisory assets, according to its most recent ADV filing.
San Francisco-based First Republic employs around 185 advisors who cumulatively manage $151 billion in client assets, according to its fourth-quarter earnings report. It has been rapidly expanding from traditional private banking into wealth management in recent years by aggressively hiring multi-million-dollar producers, largely from wirehouses.