One other former First Republic advisory group that joined JPMorgan after it acquired the beleaguered financial institution is leaving the agency.
On this case, the Newport Seaside, Calif.-based duo Tim Woodall and Dustin Raring are becoming a member of LPL.
The group, which managed about $500 million in property at JPMorgan, is launching Freeway One Capital, an unbiased apply affiliated with LPL’s Strategic Wealth Companies, the agency’s affiliation mannequin fashioned in 2020 for advisors at wirehouses and enormous regional companies.
“This determination to maneuver to LPL was pushed by our need to have full management in how we construct our enterprise and serve shoppers,” Raring mentioned in regards to the transition.
Woodall joined the trade in 1998, spending 10 years with Merrill Lynch earlier than a 6-year stint at UBS, in keeping with FINRA data. Raring entered the trade in 1992 at PaineWebber, with stints at Oppenheimer, Invesco and Royal Alliance earlier than becoming a member of UBS in 2012, the place he met Woodall. The duo moved to First Republic in 2015.
Each advisors work with enterprise house owners and high-net-worth multi-generational households. Taylor Ford will be part of them at LPL to work on shopper help.
Advisors with $200 million or extra in AUM can be part of SWS to realize autonomy in operating their apply and obtain back-office help. After the transition is full, SWS groups will get operations help, together with a enterprise strategist, advertising and marketing accomplice, CFO and administrative assistant, in keeping with LPL.
After Silicon Valley Financial institution collapsed in March 2023 and kicked off a collection of regional financial institution failures, First Republic was one of many highest-profile casualties. It turned the second-largest financial institution failure in U.S. historical past (and the fourth regional financial institution to fail following SVB’s downfall).
Regulators briefly seized First Republic earlier than JPMorgan Chase stepped in to buy the financial institution (First Republic Wealth Administration managed about $290 billion in property on the time of the collapse). Whereas some First Republic advisors opted to affix totally different companies as an alternative of shifting to JPMorgan, many, together with Woodall and Raring, made the shift.
Nevertheless, the shift to JPMorgan was a “full circle” transfer for a lot of First Republic advisors who began their careers in large brokerages, solely to seek out themselves again at an enormous agency after the acquisition. A 2023 WealthManagement.com evaluation discovered that 69% of First Republic advisors joined from a wirehouse or giant agency, together with Ameriprise, Goldman Sachs, JPMorgan, Raymond James and Credit score Suisse, amongst others).
Woodall and Raring are the newest in a number of former First Republic groups to ditch JPMorgan in current months. In late Could, a San Francisco group led by advisor Brian Nagle with about $1 billion in AUM joined Residents from JPMorgan, following one other former First Republic San Francisco group leaving JPMorgan (that crew managed greater than $5 billion).
That very same week, a Florida-based former First Republic group with $3.5 billion AUM left JPMorgan for Merrill Lynch. The group included 4 wealth managers and 6 shopper associates.
In April, Cresset added two San Francisco-based groups totaling $5 billion in managed property from J.P. Morgan Wealth Administration. In March, Rockefeller Capital Administration recruited one other former First Republic, Califorinia-based group managing about $922 million in property from JPMorgan.
