The bank’s nascent RIA custody unit reached an agreement to custody assets for Steward Partners, an independent firm previously associated only with Raymond James Financial Services, two sources with knowledge of the deal said.
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.
The agreement, expected to close in the first quarter next year, will give Washington D.C.-based Steward its first outpost on the West Coast with 23 advisors generating $15 million in revenue.
UBS brokers in Ohio, Florida and Maryland collectively managing about $850 million of client assets leave for firms affiliated with RayJay, Wells and Kestra.
Steward, which has recruited primarily from wirehouses, lures independent brokers from Advisor Group to its new “affiliate channel” with an alternate payout plan.
The former head of Merrill Lynch and UBS Financial’s sales forces will now hawk the virtues of independence at Steward Partners.
AdvisorHub’s Publisher & CEO — Tony Sirianni — asked executives from top firms their opinions on the dual management of…
Austin duo overseeing $134 million leaves Merrill for Raymond James affiliate, while 16-year UBS executive stock specialist shifts to new Noyes unit in San Francisco.