Private Wealth Group to Be Added to S&P 500
Mindy Diamond Quoted
By Janet Levaux
First Republic Bank, which has about 150 financial advisors, will become part of the S&P 500 on Jan. 2. The firm is set to replace energy utility SCANA Corporation, which is being bought by Dominion Energy.
The firm has been on a tear over the past decade, acquiring former wirehouse advisors and RIAs. “And almost without exception, these are cream-of-the-crop, multi-million-dollar revenue generators with books at or exceeding $1 billion in assets under management,” said recruiter Mindy Diamond of Diamond Consultants in a recent blog.