Advisor Moves: Ex-First Republic teams jumps to RBC from JPMorgan

January 17, 2025 5:19 PM

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The exodus of former First Republic advisors from JPMorgan continued this week.

Raymond James and LPL Financial also made some notable hires, and the Certified Financial Planner Board of Standards saw the tally of its mark holders cross the 100,000 line. Check it out below.

$1.2B former First Republic team joins RBC Wealth

RBC Wealth Management has pulled over a pair of advisors who joined JPMorgan in 2023 after it bought the failed First Republic Bank.

The Pensato Slayne Group, which had managed $1.2 billion in client assets, is joining RBC Wealth's branch in New York. The team is led by Arthur Pensato, who has 20 years of industry experience, and William Slayne, who has 17 years.

Both were at First Republic when it was bought out of receivership in 2023 by JPMorgan. Joining them at RBC are staff members Lindsay Hansman, Carrie Port, Connor Secora and Lloyd King.

JPMorgan has seen a steady outflow of former First Republic advisors since its purchase of the teetering bank in May 2023. The Pensato Slayne Group said in a news release that it works with ultrahigh net worth clients on wealth planning, including estate planning services, investments and retirement saving.

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Raymond James pulls $500M advisor from Charles Schwab

Raymond James has brought a former Charles Schwab employee over to its channel for independent advisors.

Kristin Sullivan is joining an established team of advisors called Summit Financial Group, in San Ramon, California. Sullivan had previously managed roughly $500 million at Charles Schwab.

Summit Financial Group is a large wealth management team that moved $2.6 billion in client assets, 16 advisors and 23 branch professionals to Raymond James from Securian in August 2023. The team joined Raymond James Financial Services, the firm's channel for independent advisors.

Sullivan has 27 years of industry experience and started her career at Charles Schwab in 1997, according to BrokerCheck.

Bloomberg News

LPL recruits $430M duo from Raymond James

LPL Financial has drawn a pair of advisors over from its industry rival Raymond James.

Larry Forlenza and Carl Hanks are joining their former colleagues at a practice called Morristown Wealth Management, in Morristown, New Jersey. Morristown Wealth moved to LPL in October from Raymond James Financial Services.

Forlenza and Hanks, who had formerly managed $430 million at Raymond James, both started their careers in the 1990s. Forlenza joined Merrill in 1995 and then went through several firms before landing at Morgan Stanley in 2009 and Raymond James in 2018. Hanks started at D.H. Blair in 1992, moved to Merrill in 2003 after time at various other firms, Morgan Stanley in 2009 and Raymond James in 2018.

LPL Financial draws $340M advisor from Merrill

LPL Financial has brought a wealth manager formerly at Merrill to its channel for independent advisors.

Marcus Alexander is joining Linsco by LPL Financial — the firm's independent branch — in its office in Newport Beach, California. Alexander had formerly been managing $340 million at Merrill, according to LPL

Alexander began his career at Citi and moved to Merrill in 2008. Linsco gives advisors access to LPL's wealth management systems and business resources, along with support from a branch management team.

MAI Capital acquires $662M advisory group

The RIA aggregator MAI Capital Management has bought an advisory practice in the San Francisco Bay area.

MAI announced this week that it had acquired Concentric Wealth Management, a Lafayette, California-based RIA with roughly $662 million under management. The terms of the deal were not disclosed.

Concentric was founded in 2008 by Eric Flett and Stewart McGuire. It now has six members and specializes in providing clients and families with wealth management services including estate and tax planning, risk management, insurance and business transition planning.

MAI, based in Cleveland, said the deal marked its second on the West Coast in 2024. It bought Traverso Chambers Private Wealth Management, a Santa Rosa, California-based firm with more than $549 million under management, in January.

Concentric plans to adopt MAI's branding and make use of its internal human resources operations and marketing offerings. Flett and McGuire will both take on the title of regional president.

CFP holders top 100,000 mark in 2024

The Certified Financial Planner Board of Standards saw the number of planners who've attained one of its "gold standard" industry certifications climb to a record high last year.

The CFP Board said 103,094 advisors qualified as certified financial planners in 2024. That figure, up 4.3% from the previous year, set a record.

The CFP Board awards its marks to financial planners who meet certain examination, experience and conduct requirements. It's generally considered the highest outward recognition that advisors can obtain of their professional standing.

The CFP Board said 10,437 aspirants sat for one of its exams last year. It attributed that figure, also a record, to its work to spread awareness of its certifications. In 2024, 6,541 financial planners obtained one of the CFP Board's marks last year. Among the new certification holders, 57% were younger than 35.

The number of female CFPs increased by 4.5% to 24,546 — making up nearly a quarter of all mark holders. And the number from racial and ethnic minorities rose above 10,000 for the first time, rising to 10,239 or 9.9% of all CFPs.

The CFP reported the time that mark holders dedicated to pro bono planning rose by 18% to a record of 389,435 hours last year, with nearly 18,000 CFPs reporting pro bono hours.