RBC Wealth Management today announced that it has added another First Republic team to its San Francisco office.
The Friedman Peters Group includes Mark Friedman and Mitchell Peters, both managing directors and financial advisors. The duo managed $400 million in client assets and will join RBC in San Francisco.
This is the third team RBC has picked up in two weeks from the embattled First Republic, which has seen a number of its advisors exit to join competitors since being caught up in the regional bank crisis that rocked Silicon Valley Bank and others.
Two solo practitioners, Brian Addington and Theresa Allen, with a combined $555 million in client assets, moved to RBC in San Francisco ad Newport Beach, Calif., respectively. And last week the Todd Halbrook and Adam MacDonald Wealth Management Group, a $1 billion team, joined RBC in Newport Beach.
Friedman and Peters were with First Republic for five years and worked for UBS before that. Friedman started with Merrill Lynch in 1997 and moved to Citigroup in 2000 before joining UBS in 2007, according to BrokerCheck. Peters began his career with Cowen & Co. and worked for a couple of other firms before joining UBS in 2005.
“RBC Wealth Management continues to add phenomenal people running top-tier practices in Northern California,” Michael Schipper, Northern California complex director at RBC Wealth Management – U.S., said in a statement. “We are thrilled to welcome Mark and Mitch to our client-centric culture.”
Meanwhile, on Friday, CNBC reported that First Republic is likely headed for receivership under the U.S. Federal Deposit Insurance Corporation (FDIC). The network cited sources saying the FDIC is asking other banks for potential bids on the bank if the regulator were to seize it. The sources also said, “there is still hope for a solution that doesn’t include receivership.”