First Republic Lands $10-Mln Trio of Wells Fargo Private Bankers
First Republic Bank continues to lean on recruiting to beef up its advisor force and has hired a team generating $10 million in annual revenue at Wells Fargo & Co.’s ultra-high net worth private banking business in San Francisco, according to a source familiar with the move.
The group is led by advisors Charles A. Rodgers, Laurel Norris and Michael Morrone and had overseen roughly $2 billion in client assets, the source said. They moved on Friday along with two support staff, according to the source and an announcement from San Francisco-based First Republic.
At Wells, the trio had been part of a unit formerly known as Abbot Downing. The bank in March folded the business into Wells Fargo Private Bank as part of a broad multi-year reorganization of its wealth businesses and retired the Abbot Downing brand. The group had served clients with at least $25 million of investable assets.
A spokeswoman for Wells Fargo did not return a request for comment and members of the team could not immediately be reached about their move to the commission-based brokerage world.
At Wells, Rodgers had been a “regional chief investment officer,” for Abbot Downing and as part of the move is relocating to Jupiter, Florida, in the fall, according to the announcement.
He began his career with Northern Trust Corp. in 1998 in Miami and moved to Wells 10 years later, according to his LinkedIn profile. He first registered as a broker with the Financial Industry Regulatory Authority in May this year, according to BrokerCheck.
Norris, who is not registered as a broker, has worked in wealth management for 19 years and had been a senior portfolio manager and managing director at Abbot Downing. Before that she worked in the family wealth group and private bank at Wells Fargo, according to the announcement.
First Republic, which has over 200 financial advisors (titled wealth managers), has hired nine teams so far this year and a total of 22 individuals, including Friday’s move, according to the source.
Its headcount is a small fraction of the roughly 12,800 at Wells, but First Republic has been pitching mostly high-end wirehouse teams on fat signing bonuses and a stream of potential clients coming from bank customers.