In part 2 of 2, Mark Sear and David Hou pick up where their story left off after the 2008 break from Merrill, the sale of their RIA Luminous Capital to First Republic in 2012, and their decision to go back to independence as RIA Evoke Advisors.
Mark Sear and David Hou, Managing Partners of Evoke Advisors, talk about their 2008 breakaway from Merrill Lynch to form RIA Luminous Capital, why they chose to sell Luminous to First Republic, their decision to leave First Republic for independence again, and much more in part 1 of a 2-part podcast episode.
Mindy Diamond Quoted – By Bruce Kelly, InvestmentNews – In 2008, when a group of advisers in charge of $7 billion left Merrill Lynch to set up their own RIA, Luminous Capital Holdings, the financial advice industry was aghast. It was an audacious move, particularly for a team of all-star financial advisers.
Louis Diamond Quoted – By Ann Marsh, Financial Planning – 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.
Mindy Diamond Quoted – By Jason Bisnoff, Fund Intelligence – Luminous Capital, a team of five advisers managing more than $17bn in assets, has left First Republic Bank and is forming two separate independent shops in California. The team includes founding partners David Hou, who manages $4.4bn, and Mark Sear, who manages $2.9bn, as well as Robert Skinner who manages $4.1bn, Alan Zafranwho manages $3.9bn, and Eric Harrison who manages $1.9bn.
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