First Republic Bank is a San Francisco-based bank and wealth management company offering personal banking, business banking, trust and wealth management services.
Duo who moved along with a support staffer had been overseeing around $550 million in customer assets, according to a person familiar with their practice.
San Antonio team generating $2.1 million moved to independent firm Sanctuary while First Republic added a Los Angeles broker with $1.2 million.
Eight-person team had been overseeing around $500 million in client assets, according to a person familiar with their move.
Dominique Jordan, 30, and Isaac Richard III, 28, who were profiled in August for being one of Morgan Stanley’s youngest-ever Black teams, mark the third group to join First Republic this year.
The 10-person group had been overseeing $2.9 billion in assets and is based out of New York City and Boca Raton, Florida.
First Republic’s hire is its first this year after scooping up eight teams in 2020 but marks an unusual recruit outside its typical Wall Street focus.
California-based private bank is giving select recruiters up to 12% of a prospect’s trailing 12-month production—double the industry standard—in an offer that expires in April.
Duo who had joined First Republic in 2013 after running their own RIA had been overseeing $900 million in assets, according to a person familiar with their book.
Group in Los Angeles led by John McNamee is at least the third multi-million Merrill team to join the San Francisco bank since August.
The advisory teams First Republic has been attracting from traditional brokers helped drive a 20% increase in third-quarter assets.