In recent years,
First Republic Bank
has been an aggressive recruiter of top financial advisors. The company poached 13 wealth management teams from competitors in 2022, making it “one of our strongest years ever,” CEO Mike Roffler said during a January earnings call.
This year, however, is another story altogether. First Republic was caught up in this spring’s regional banking crisis and shares of the San Francisco bank have plunged 89% so far this year amid concerns about deposit outflows. In the past three weeks, First Republic has lost eight teams or solo advisors to competitors; the departing teams managed or advised on nearly $19 billion in assets. In one case, two advisors bolted from First Republic after having worked there for just four months.
Source: https://www.barrons.com/articles/attrition-worsens-at-first-republic-will-more-advisors-head-for-the-exits-9daf7541?siteid=yhoof2&yptr=yahoo