First Republic Nabs $1.5B Merrill Lynch Duo
Jeffrey Schottenstein and Stuart Wechsler will operate as the Schottenstein & Wechsler Group out of First Republic’s offices in San Francisco and Greenwich, Conn., the bank says. Schottenstein and Wechsler were previously managing directors and private wealth advisors at Merrill Lynch, prior to which both were principals with Thomas Weisel Partners, according to the press release. Each advisor has over 20 years of experience, and both had started their careers with Montgomery Securities, First Republic says.
The duo managed around $1.5 billion at Merrill Lynch, producing $11 million in fees and commissions annually, according to Citywire. First Republic has been snagging advisors from wirehouses in recent months. In November, the company picked up three veteran advisors from JPMorgan. In September, the bank lured two advisors from UBS, and in July, First Republic nabbed a pair of Merrill Lynch advisors with 20-plus years at the wirehouse.
Separately, Janney Montgomery Scott says it brought on a total of 21 financial advisors to its private client group in the last quarter of 2017, according to a press release from the firm. Together the new reps managed $1.95 billion, Janney says. The firm also opened a new office in Federal Hill, Md., in the fourth quarter, according to the press release. In November alone, the firm picked up reps from Merrill Lynch and Wells Fargo Advisors collectively overseeing $465 million. As of December, Janney picked up 65 financial advisors year to date, according to the firm.