First Republic loses $15bn team in double RIA breakaway
June 4, 2019
Louis Diamond Quoted
By Ian Wenik
A team of First Republic advisors managing a combined $14.8 billion have left the private bank to form a pair of independent RIAs.
Mark Sear, David Hou, Alan Zafran and Robert Skinner have split up to form Evoke Wealth and IEQ Capital, according to Securities and Exchange Commission (SEC) filings and LinkedIn updates.
San Francisco-based First Republic got what it wanted out of its high-profile deal with the Luminous team, explained Louis Diamond, an executive vice president at advisor recruiting firm Diamond Consultants.
‘They got terrific advisors that almost tripled their business and it really put First Republic on the map,’ he said. ‘Without the Luminous group joining, I don’t think First Republic would be anywhere close to where they are today with all the big and high-profile teams they’ve recruited.’