One other day, one other advisor workforce departs First Republic.
Two San Francisco-based monetary advisors left the failed financial institution to hitch RBC Wealth Administration, bringing $452 million in shopper belongings with them.
The 2 will kind The Nickel Cox Group at RBC, with Mark Nickel serving as a managing director and monetary advisor and Michael Cox serving as a senior vice chairman and monetary advisor on the agency.
Nickel and Cox each joined First Republic in 2016 as a wealth supervisor and affiliate wealth supervisor, respectively. Previous to that, Nickel spent 10 years at Merrill Lynch, and Cox spent one yr there.
“RBC Wealth Administration continues to draw high advisors and groups who search a tradition with a fierce concentrate on the client-advisor relationship,” stated Michael Schipper, Northern California advanced director at RBC Wealth Administration—U.S., in an announcement.
RBC has been selecting up fairly just a few First Republic advisors within the financial institution’s fallout, notably in California. Final week, RBC announced it had recruited the Friedman Peters Group, a San Francisco-based workforce with $400 million in managed belongings. In early April, the Todd Halbrook and Adam MacDonald Management Group, a $1 billion AUM workforce in Newport Seaside, Calif., went to RBC. A number of weeks later, First Republic advisors Brian Addington and Theresa Allen joined RBC’s San Francisco and Newport Seaside places, respectively. The 2 advisors totaled $555 million in belongings.
JPMorgan Chase & Co. introduced Monday it would acquire First Republic Bank in a government-led deal, which incorporates the financial institution’s wealth administration unit. JPMorgan had already recruited some advisors from First Republic’s wealth administration unit for the reason that turmoil started in March.