$17B gone: The biggest-ever advisory team exit and the bank that lost it
Louis Diamond Quoted
By Ann Marsh
It’s a historic week in wealth management. No bank, regardless of size, has ever watched anything close to $17 billion in clients assets walk out the door. Given that this misfortune befell a relatively small one this week, the blow — at first blush — appears especially severe for First Republic Bank.
According to recruiter Louis Diamond, who funnels talent to First Republic and many other firms, “It kind of became the template for the reasons why a big wirehouse team would start an RIA, versus taking a big check from Morgan Stanley: Take it out, build it out and sell it to make a ton of money and, in this case, sell it again down the line.”