RBC nabs two First Republic advisors who manage $555 million

Two California-based financial advisors who had been affiliated with First Republic Bank have joined RBC Wealth Management, the firm announced Tuesday.

Brian Addington, who oversaw $300 million in client assets at First Republic, has joined the San Francisco office of RBC, and Theresa Allen, with $255 million in assets, joined its office in Newport Beach.

Some sizable teams have left First Republic since the failures of Silicon Valley Bank and Signature Bank created worries about First Republic and other regional banks.

A group of big banks stepped in to provide First Republic with $30 billion in uninsured deposits to stabilize it.

On Monday, First Republic’s earnings report showed its wealth management assets grew 6.7% during the first quarter, despite the advisor departures. On the other hand, its bank deposits were down 35.5% year over year and revenue was down 13.4%.

Addington, with 25 years of experience, had been affiliated with First Republic since 2020 and worked at Merrill Lynch from 2009 to 2020, according to his BrokerCheck report. Allen, with 30 years of experience, had been with First Republic since 2010, and earlier spent 10 years at UnionBanc.