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Text Content

5 Benefits of a Special Needs Trust
Finra Benches Former Edward Jones Lifer For Texting Client Info, Misleading
Investigators
UBS Picks up $2.4-Mln Morgan Stanley Duo, Atria Scoops up Big Indie Team
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ChatGPT & The Impact of AI For Advisors
Tony Sirianni with Equitable Advisors’ David Karr on Building a Supportive,
Independent Approach
BofA, Morgan Stanley Share Vision of Sourcing Next-Gen Wealth Clients In-House
More than a mentor: How fierce advocacy by women, for women cultivates thriving
careers at RBC
JPMorgan Will Close 21 First Republic Branches by End of Year
5 Benefits of a Special Needs Trust
Finra Benches Former Edward Jones Lifer For Texting Client Info, Misleading
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News


WELLS FARGO LANDS $3.7-MLN FIRST REPUBLIC TEAM IN BOSTON, ANOTHER IN CA

by Karmen Alexander and Mason Braswell
June 6, 2023


Wells Fargo Advisors picked up two former First Republic Bank teams over the
past week, including one group producing $3.7 million in annual revenue in
Boston on Tuesday and another with $1.5 million in revenue in the Los Angeles
suburbs on Friday.

The Boston group is led by Jeffrey M. Sherman, Arthur N. Karabelas and Okita
Sevi and oversaw $374 million in client assets at First Republic, a Wells
spokesperson confirmed. They had left J.P. Morgan Advisors (formerly known as
J.P. Morgan Securities) in 2017 to join the now-defunct bank and thus likely
opted not to return with JPMorgan Chase & Co.’s purchase of First Republic last
month. 

Sherman, a 36-year brokerage veteran, and Karabelas, a 34-year broker, worked
together for more than 20 years at Merrill Lynch/Advest, Tucker Anthony/RBC Dain
Rauscher, Lehman Brothers and Oppenheimer in the Boston area before joining J.P.
Morgan in 2013, according to BrokerCheck. 

Sevi started her career in 2003 at Bank of America predecessor Quick & Reilly
and overlapped with Sherman and Karabelas at Merrill before moving with them to
J.P. Morgan, according to BrokerCheck. 

Separately, Wells Fargo on Friday last week added a father-son team including
Garry C. Pace and his son, Joshua L. Pace, in Westlake Village, California. They
had $1.03 million in revenue and oversaw around $200 million in client assets, a
spokesperson confirmed. 

The Pace duo had joined First Republic’s Century City office in 2018 from
Merrill. A source said at the time that they had produced $1.5 million in annual
fees and commissions and oversaw around $180 million of assets. 

Garry Pace, who has a law degree from Brigham Young University, became a
stockbroker in 1983 with Kidder, Peabody. Josh registered with Merrill in 2009,
following an eight-month stint during which he was licensed also with Merrill in
2001, according to BrokerCheck. 

They report to Wells’ Westlake Village branch manager Derek Chaffin and
Pasadena-based market leader Steve Townsend. 

A spokesperson for J.P. Morgan Chase & Co., which acquired First Republic in
May, declined to comment and none of the team members immediately responded to a
request for comment sent over social media. 

J.P. Morgan has been rolling out retention offers to certain former First
Republic teams, but only those with over $2.5 million in revenue, according to
several internal and external sources. It is otherwise honoring the sizable
recruiting packages brokers received from First Republic. 

Wells Fargo is one of several firms that have been vying for the cadre of around
200 producers remaining at the former First Republic Wealth unit. It last month
picked up a $9.2-million team in Los Angeles. 

Wells Fargo & Co. Chief Executive Charlie Scharf touted in a presentation last
week that its broker recruiting efforts have stabilized in the wake of the
company’s fake account scandal in 2016. 

The evidence appears in the number of advisors that Wells had recruited but also
in “the quality of the teams that we’re able to hire,” Scharf said. “They’re
coming to work for us because they believe in what we have to offer in terms of
our broad set of capabilities, not just within the wealth business.”



TAGS:

First RepublicJPMorganWells Fargo

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Comments (4)
 * on Jun 6 2023, Merrill is the JV of wirehouses says:
   
   These First Republic teams are the lowest hanging $1mm+ producer fruit we’ve
   ever seen in the industry and Merrill has managed to snag none of them. It’s
   sad when even Wells Fargo is able to out-recruit Merrill. Merrill is plagued
   with weak leaders, inexperienced market execs, and the worst reputation in
   the industry.
   
   Reply to Merrill is the JV of wirehouses
   * on Jun 6 2023, Get a clue says:
     
     …even Wells Fargo? Newsflash there pal, Wells has out-recruited Merrill for
     YEARS.
     
     Reply to Get a clue
     
   * on Jun 6 2023, Ron Edde says:
     
     There has been a fairly wide dispersal of ex-First Republic advisors across
     the industry spectrum, although it is somewhat surprising that some of them
     have not opted to go independent. With gratitude to those who have allowed
     me to assist.
     
     Reply to Ron Edde
     
   
 * on Jun 6 2023, Take the Money and Freedom says:
   
   They didn’t qualify for the retention $ from JPM so this move was really a no
   brainer.
   
   Reply to Take the Money and Freedom
   


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