Buried at the end of AdvisorHub’s article “First Republic Team With $13 Billion Book Exits for Chicago RIA Cresset” is a chart so potentially disturbing we beg you to hide the kids before clicking “enlarge.”
The chart illustrates First Republic departures from the last month – since the spillover from the SVB failure started nipping at their ankles…and, it is shocking.
According to a follow-up report, as of 4/21 First Republic said that defectors who have left accounted for roughly 20% of the unit’s total assets under management as measured at the end of March.
What has been Morgan Stanley’s secret to poaching so much top talent?
What assets does First Republic have left in New York?
READ MORE BELOW
What’s the mood of advisors who remain at First Republic?
What’s the plan for First Republic to get back in the game?
AdvisorHub reported “…that around 90% of “wealth professionals” have stayed onboard and that it expects to retain a portion of the assets tied to those who have left”. So maybe it isn’t all bad news – just one ugly chart.
UPDATE: First Republic isn’t giving up without a fight…more reporting from AdvisorHub here.