First Republic Recruits Young Morgan Stanley Duo in L.A.
First Republic Bank continued its aggressive recruiting focus and said on Monday it has hired a Morgan Stanley duo in Los Angeles to help build out its presence in Century City, a commercial district heavily populated by power-lunching entertainment executives.
Jordan, 30, and Richard, 28, had been one of Morgan Stanley Wealth Management’s youngest ever Black teams, according to a 2020 “Forbes” profile of the men.
“We’ve both worked extremely hard to be in the positions we are in today,” Isaac, who grew up in Oakland, California, was quoted as saying in the article, which focused on racial disparities in wealth management.
A First Republic spokesman declined to comment on the size of the team’s practice. A spokesperson for Morgan Stanley did not respond to a request for comment.
Jordan, who was an associate vice president, regional training officer and financial advisor at Morgan Stanley, had started his brokerage career with the wirehouse in 2013. He left for J.P. Morgan Securities in 2017 but rejoined the firm the following year, according to his BrokerCheck.
Richard, who was a financial advisor at Morgan Stanley, spent his 2017 rookie year with Merrill Lynch and hopped to J.P. Morgan Securities and MML Investors Services for months-long stints before joining Morgan Stanley in 2019, his BrokerCheck said.
“Dominique Jordan and Isaac Richard are outstanding wealth managers who share First Republic’s commitment to exceptional client service,” Bob Thornton, president of First Republic Private Wealth Management, said in a prepared statement.
The duo is the third team to join First Republic this year as the San Francisco-based bank has been extending high-end deals to advisors and recently offered an enhanced finder’s fee to recruiters. The bank, which has around 200 brokers, hired eight teams last year, primarily from its larger wirehouse rivals.
The bank earlier this month reeled in a large Citigroup team that had been producing about $14 million in annual revenue in New York City and Boca Raton, Florida.