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In the News

First Republic Lures $7M Merrill Team in NYC, $1.8M Broker in D.C.

Posted by Mindy Diamond

Advisor Hub

October 17, 2022
By Jake Martin and Mason Braswell

First Republic Bank’s private wealth division on Friday pulled from Merrill Lynch a five-person team overseeing $900 million in client assets in New York City and another Merrill broker in Washington D.C. with $230 million in assets.

In the larger of the moves, Laszlo (Paul) Vasady-Kovacs, a 21-year industry veteran who had been with Merrill since 2017, joined First Republic with the corporate title of managing director, according to his registration records and a Monday announcement from First Republic.

His team, known as VK Wealth Management at Merrill’s “SD Financial Center” office on Liberty Street in Manhattan, had generated about $7 million in annual revenue, according to two sources familiar with the move. One of the sources said he had been the third-largest producer at the Liberty Street branch.

Support staff Jay L. Goldstein, Christian L. Martinez, Dana M. Shaker and Sean P. Hanigan, also made the move to First republic.

Vasady-Kovacs had joined Merrill in 2017 right before it put in place a five-year freeze on veteran broker recruiting. He and a partner, Joseph P. Gabriele, had generated $7 million on a billion-dollar book of business at the time. (Gabriele, a 42-year brokerage veteran who worked with Vasady-Kovacs for two decades, left the industry a year after the move, according to his BrokerCheck report.)

Vasady-Kovacs, who could not immediately be reached for comment, had ranked #24 on Forbes’ 2022 list of best wealth advisors in New York City. He works with high net worth families, according to First Republic’s announcement.

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About Mindy Diamond

CEO – By counseling advisors on how to ask the right questions and “dig deep”, she helps them look at all of the opportunities available to find the one that allows them to reach their full potential. That is, to best serve their clients and live a life that is in sync with their own beliefs and values. Learn more...

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