First Republic Hires $1.6-Mln Merrill Up-And-Comer in San Francisco
First Republic Bank has nabbed a top-ranked next-gen Merrill Lynch broker in its headquarters city of San Francisco, according to a source familiar with the move.
The move extends a string of departures from Merrill’s “Thundering Herd” that have spanned East and West Coasts and both ends of the career spectrum. Recent exits included a 42-year lifer in the Chicago suburbs who joined RBC Wealth Management-U.S. on Thursday, a million-dollar North Carolina broker who shifted on the same day to Morgan Stanley and a $4 million team in New Jersey that moved to Sanctuary Wealth one week ago.
First Republic in June hired a former Merrill Lynch Seattle market executive, Matthew P. MacMichael Sr., who joined a team led by ex-Merrill superstar Phil Scott.
A spokesperson for Merrill, which in 2017 largely halted veteran broker recruiting, did not return a request for comment on Evans’ departure. The firm on Wednesday told brokers it was embarking on a two-month campaign of weekly updates aimed at addressing common concerns and making it easier to do business.
Evans could not immediately be reached for comment. She had been a Forbes-ranked broker on the magazine’s lists of its top next-generation advisors in 2020, top women advisors in 2020 and 2021 and best-in-state wealth advisors this year, according to her former Merrill bio.
So far this year, First Republic has hired eight teams and 20 brokers, including Evans, who moved along with an associate. It plies brokerage recruits with high-end offers as well as a pitch they can receive referrals of wealthy customers from the bank, recruiters say.
“We continue to have a strong pipeline of prospective wealth management team hires as long as they fit the culture and the holistic banking model,” First Republic Co-Chief Executive Gaye Erkan said on the company’s latest earnings call in July. “So that continues to be [going] really well.”
First Republic’s wealth unit includes over 200 brokers who manage roughly $240 billion in assets under management at the end of June. Fee-based revenue from the private wealth business comprised 14.5% of its parent bank’s year-to-date revenue, up from a 5.5% share in 2010, according to a July presentation.