The advisory teams First Republic has been attracting from traditional brokers helped drive a 20% increase in third-quarter assets.
High-profile Washington State broker Phil Scott moved his 11-person team on Tuesday to First Republic.
Group of seven advisors and eight associates had overseen $1.7 billion in client assets and mark the fifth team to join First Republic this year.
Stacy Allred, who guided Merrill’s richest clients on how to think about wealth, left after almost 20 years for First Republic while her former colleague Michael Liersch joined Wells Fargo after stint with J.P. Morgan.
Four advisors who were overseeing $1.3 billion left the wirehouse on Friday, ahead of the long holiday weekend.
Three advisors had been managing $1.5 billion in client assets at Wells Fargo’s private bank for wealthy families and private foundations.
Paul Feinstein, a $5 million-dollar producer who joined First Republic three years ago from UBS, was known for leveraged options strategies for some wealthy clients.
Six-broker team is led by Sal Tiano, who has worked for almost three decades at J.P. Morgan and its Bear Stearns predecessor.