First Republic Loses Advisory Team to Rockefeller

Financial Advisors


The advisor’s escape from the First Republic continues.On Wednesday, the advisory team managed $2.3 billion, sources said He left First Republic to join Rockefeller Capital Management, a spin-off of the family office of oil tycoon John D. Rockefeller.

The 17-person team, Liberty Wealth Partners, will be led by advisors Larry Rosenberg, Sean Van Fleet, David Farber and Skyler Perry, and Rockefeller announced the new hires in a press release but did not disclose assets.

The team is among the latest to leave First Republic, which was embroiled in last month’s banking sector turmoil and needed a $30 billion cash injection from 11 major banks to survive. First Republic shares plunged amid concerns about deposit outflows. The stock is down 89% so far this year.

A spokeswoman for the bank was not immediately available for comment.

Wealth management has been a cornerstone of First Republic’s strategy for the past decade. The San Francisco-based bank has recruited top-notch financial his advisors, with a focus on wealth management businesses focused on catering to high net worth clients.

Ads – scroll to continue


The company poached 13 wealth management teams from competitors in 2022. In recent weeks, the First Republic has seen 12 teams or solo advisors headed for exit. For example, last week his team of advisers, who oversaw approximately $1 billion in client assets in Newport Beach, Calif., resigned to join RBC Wealth Management.

Some of the advisors leaving First Republic are recent additions, but not on the Liberty Wealth Partners team. Rosenberg and his crew joined the bank from Merrill Lynch in 2017, according to Brokercheck, a public database maintained by Finla, an industry self-regulatory organization.

The Rockefeller recruits are industry veterans. According to BrokerCheck, Rothenberg and Van Vliet each have 40 years and he nearly 30. Both Farber and Perry have his 23 years of experience.

Ads – scroll to continue


The Liberty team joins eight other Rockefeller teams in the New York area and reports to the company’s National Field Director, Michael Outlaw. Rockefeller management cited the team’s experience and skills as reasons for hiring. “We are dedicated to providing our clients with the best financial advice and services, and Liberty Wealth Partners fits perfectly with Rockefeller’s vision and culture,” said Rockefeller Co-President Christopher Dupuis in a statement. doing.

As of March 31, 2023, Rockefeller managed more than $100 billion in client assets, according to the company.Recently sold a minority stake in the business to IGM Financial
,

A Canadian asset manager that has contracts to value Rockefeller at approximately $3 billion.

Last month, Rockefeller hired a team of six from the First Republic in San Francisco.

Write to Andrew Welsch at andrew.welsch@barrons.com.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *