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

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.