The welcome news for financial advisors in the report is that valuations for firms aren't necessarily based on how they choose to do business.
Meanwhile, any recent recruiting deals First Republic had struck with advisors will remain in place now that the bank has been acquired by JPMorgan Chase.
James Sheehan is based in Charleston, South Carolina, while Shawn Tighe works in northern New Jersey.
New York City-based Liberty Wealth Partners is just the latest team to leave First Republic in the wake of the turmoil that struck regional and West Coast banks.
But the wealth management unit was clearly a bright spot for the firm in the first quarter, with Morgan Stanley's overall earnings falling 19% from the year-earlier period.
Bank of America's wealth management business, which includes Merrill, saw a 3% year-over-year decline in revenue in Q1, as lower equity and fixed-income valuations hit asset management fees.
The agreement between Advisor Group and CAIS on sales of alternative investments, and the revenue such sales would generate, is the crux of the matter.
Chattanooga, Tennessee-based William F. Winchester III was registered with LPL Financial from 2007 to 2012 and then with Raymond James Financial Services.
It's all part of the push by the private equity-owned network of independent broker-dealers toward an initial public offering.
The New York City-based Zipper Duarte team generates $12.5 million in annual revenue.
