Another former First Republic advisory team that joined JPMorgan after it bought the beleaguered bank is leaving the firm.
In this case, Newport Beach, California-based duo Tim Woodall and Dustin Raring are joining the LPL.
The team, which managed about $500 million in assets at JPMorgan, is launching Highway One Capital, an independent practice affiliated with LPL's Strategic Wealth Services, the firm's membership model formed in 2020 for wire advisors and firms large regional.
“This decision to move to LPL was driven by our desire to have full control over how we build our business and how we serve our customers,” Raring said of the transition.
Woodall joined the industry in 1998, spending 10 years with Merrill Lynch before a 6-year stint at UBS. according to FINRA records. Raring entered the industry in 1992 at PaineWebber, with positions at Oppenheimer, Invesco and Royal Alliance before joining UBS in 2012, where he met Woodall. The pair moved to the First Republic in 2015.
Both advisors work with multi-generational high net worth business owners and families. Taylor Ford will join them at LPL to work in customer support.
Advisors with $200 million or more in AUM can join SWS to gain autonomy in running their practice and receive back-office support. After the transition is complete, SWS teams will receive operational support, including a business strategist, marketing partner, CFO and administrative assistant, according to LPL.
After Silicon Valley Bank collapsed in March 2023 and set off a series of regional bank failures, First Republic was one of the highest-profile victims. It became the second largest bank failure in US history (and the fourth regional bank to fail after the collapse of SVB).
Regulators briefly seized First Republic before JPMorgan Chase stepped in to buy the bank (First Republic Wealth Management managed about $290 billion in assets at the time of the collapse). While some councilors of the First Republic chose to join various firms rather than move to JPMorgan, many, including Woodall and Raring, made the switch.
However, the move to JPMorgan it was a “full circle” move. for many First Republic advisors who began their careers at massive brokerages, only to find themselves back at a massive firm after the buyout. A 2023 WealthManagement.com The analysis found that 69% of First Republic advisors were joined by an electronic or major firm, including Ameriprise, Goldman Sachs, JPMorgan, Raymond James and Credit Suisse, among others).
Woodall and Raring are the latest in several former First Republic teams to ditch JPMorgan in recent months. In late May, a San Francisco team led by Councilor Brian Nagle with the district $1 billion in AUM joined Citizens by JPMorganafter another former San Francisco First Republic crew leaving JPMorgan (that crew managed more than $5 billion).
That same week, a Florida-based former First Republic team with $3.5 billion AUM left JPMorgan for Merrill Lynch. The team included four wealth managers and six client associates.
In Aprill, Cresset added two teams based in San Francisco total $5 billion in assets managed by JP Morgan Wealth Management. in March, Rockefeller Capital Management recruited another former First RepublicThe California-based team manages about $922 million in assets from JPMorgan.