Superstar advisers with $17 billion in AUM bolt from First Republic

Superstar advisers with $17 billion in AUM bolt from First Republic
The four advisers are setting up two separate RIAs.
JUN 03, 2019

A team of All-Star financial advisers who manage $17 billion in assets for wealthy clients has bolted from First Republic Bank's elite wealth management group to set up two RIAs in California. The advisers — David Hou, Mark Sear, Robert Skinner and Alan Zafran — left First Republic Investment Management Inc. on Friday, according to regulatory filings, industry reports and an individual familiar with their move who asked not to be identified. Mr. Hou and Mr. Sear are owners of a new RIA, Evoke Wealth, that's based in Santa Monica. According to its Form ADV, Evoke Wealth has a staff of 20. Meanwhile, Mr. Skinner and Mr. Zafran are opening an RIA in Monterey called IEQ Capital. Neither firm returned calls for comment on Monday. A spokesman for First Republic, Greg Berardi, declined to comment. The four advisers have a unique history of breaking away from employers, setting up their own shops and then selling their practice. In June 2008, Mr. Hou and Mr. Sear made headlines as the leaders of a group of advisers in charge of $7 billion that left Merrill Lynch to set up their own RIA, Luminous Capital Holdings. Mr. Skinner and Mr. Zafran also left Merrill at that time and were also founders of Luminous Capital. Four years later, at the end of 2012, First Republic bought Luminous Capital, which had $5.5 billion in assets by then. The amount of the transaction was not disclosed at the time. An industry website, RIABiz, originally reported the news of the four advisers leaving First Republic. The bank has been aggressively recruiting financial advisers since at least the start of 2017.

Latest News

Advisor headcount down at Bank of America, Osaic and UBS so far in 2025, Wolfe Research analyst says
Advisor headcount down at Bank of America, Osaic and UBS so far in 2025, Wolfe Research analyst says

Counting advisor moves in and out of firms requires some art as well as science.

Carson Group's M&A head sees '10-to-15 year bull market' for RIAs
Carson Group's M&A head sees '10-to-15 year bull market' for RIAs

“I'm just a big believer that based on demographics alone, we are looking at a 10-to-15 year bull market in M&A in the RIA and independent wealth space,” said Michael Belluomini, SVP of M&A at Carson Group.

Nationwide finds Medicare myth on long-term care could cost Americans dearly
Nationwide finds Medicare myth on long-term care could cost Americans dearly

As a tsunami of retirees comes crashing in, three-fifths of those surveyed believe – wrongly – that the federal safety net will cover their LTC needs.

Fintech bytes: Orion, Altruist unveil new RIA-focused integrations
Fintech bytes: Orion, Altruist unveil new RIA-focused integrations

Orion's latest update, a partnership with 11th.com, focuses on an underserved area of compliance for advisors and wealth firms.

Raymond James reels in advisors managing $1B+ in Colorado
Raymond James reels in advisors managing $1B+ in Colorado

The latest arrivals, including a 10-advisor ensemble from Ameriprise, bolster the firm's independent contractor and employee advisor channels.

SPONSORED RILAs bring stability, growth during volatile markets

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.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave