In a piece for AdvisorHub, Karmen Alexander covers the latest developments in First Republic’s wealth management unit following the regional bank’s bankruptcy. The majority of the beleaguered bank’s assets were acquired by JPMorgan, but many of its financial advisors are choosing to move to new firms. 

Overall, the general trend seems to be that the advisors with the most assets are moving to an independent model. One exception is Mark Alibrandi and Stephen Alibrandi who are joining UBS’ Private WEalth Management unit, taking an estimated $1.5 billion in assets and a total of $5.1 million in annual production. Both Alibrandis had been with First Republic for over a decade and were ranked #8 by Forbers for best wealth advisors in Massachusetts. 

This move came on the heels of Shannon McAllister also exiting First Republic for UBS with around $1.3 million in assets earlier in June. While UBS is recruiting brokers in the New England area away from First Republic, NewEdge Wealth, a hybrid brokerage and advisory firm, was successful in recruiting John Froley in California. Froley was ranked as the #62 advisor in California by Forbes and has $309 million in assets under management.  

Finsum: First Republic was acquired by JPMorgan. Yet, many of the companies’ wealth advisors are leaving the bank for greener pastures.