First Republic Bank's wealth management group, a destination for wirehouse brokers and advisers for the past decade, has hired three teams so far in 2022, the firm reported Wednesday. That compares to a total of 11 teams recruited in all of 2021, or a little less than three per quarter.
Most recently, at the start of the month First Republic said it had hired Kathleen Kalp to work in Santa Barbara, California, for First Republic Investment Management. Before joining First Republic, she was senior vice president at Montecito Bank & Trust with 28 years of industry experience, according to the company.
First Republic’s wealth management assets at the end of March totaled $274.2 billion, according to the company, compared to $218.9 billion at the same time last year, a 12-month increase of 25.3%.
Total wealth management assets were down slightly — by a little more than $5 billion — compared to the prior quarter, the company said, but the modest decline in wealth management assets for the quarter was a result of market depreciation, offset by net client inflows. The increase in wealth management assets over the past 12 months reflected net client inflows and market appreciation.
Wealth management assets at the end of March included investment management assets of $108.8 billion, brokerage assets and money market mutual funds of $146.7 billion, and trust and custody
assets of $18.8 billion, the company said.
First Republic Bank was part of Merrill Lynch when Bank of America Corp. took over Merrill during the credit crisis in 2010; Bank of America later sold First Republic to a group of private investors, who then took it public.
Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.
The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.
“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.
Wealth tech veteran Aaron Klein speaks out against the "misery" of client meetings, why advisors' communication skills don't always help, and AI's potential to make bad meetings "100 times better."
The proposed $120 million settlement would close the book on a legal challenge alleging the Wall Street banks failed to disclose crucial conflicts of interest to investors.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
