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.
The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Employee accounts, crypto trials and job cuts frame a pivotal year for the Swiss lender.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
