First Republic Bank's private wealth group continues to lure advisors from Merrill Lynch's Private Banking and Investment Group (PBIG), the latest being Jeffrey Schottenstein and Stuart Wechsler of the Schottenstein & Wechsler Group.
They have joined First Republic Investment Management as managing directors and wealth managers.
Schottenstein and Wechsler will work in First Republic’s offices in San Francisco, California and Greenwich, Connecticut.
Both most recently worked for Merrill Lynch as managing directors and private wealth advisors, and were principals with Thomas Weisel Partners before that. Schottenstein was named by Barron’s as one of the nation’s top 15 financial advisors.
Schottenstein and Wechsler produced $11 million of fees and commissions in the past year from Merrill clients with some $1.5 billion in their accounts.
A well-worn path has been cleared from Merrill PBIG to First Republic over the past couple of years.
In January 2017, Hank Holland, a nine-year veteran of Merrill, joined First Republic as managing director and portfolio manager in San Francisco.
That same month, five senior wealth managers, part of Consilium Associates from Merrill Lynch, came aboard in New York. They are: Larry Rothenberg, Shaun Van Vliet, David Farber, Schuyler Perry, and Timothy Deygoo. All are managing directors and portfolio managers except Deygoo, who is a senior vice president.
In July 2017, Merrill wealth managers Danielle Ambrose and Diane Hirschhorn joined First Republic Private Wealth Management in Century City, California.
The year before former PBIG CIO Chris Wolfe joined First Republic as CIO of the wealth management division.