Victoria Zhuang is the professional development reporter at Financial Planning. She has a bachelor's degree in comparative literature from Harvard University and a master's degree in journalism from Columbia Journalism School. Before joining FP, she freelanced as an arts and culture writer while working in the Boston nonprofit world for several years. She also completed a Dow Jones News Fund business reporting internship at American Banker. Victoria covers how wealth management firms maintain their competitive edge and how financial advisors can achieve excellence serving clients of all wealth levels. She is a native of New York City.
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Tapping a relationship that was around 15 years strong, Sanctuary won a legacy Merrill Lynch team in the competitive market for independent advisors. Here's how it happened, Sanctuary president Vince Fertitta told FP.
May 2 -
Advisors managing over around $2.5 billion of assets moved since the start of the week, joining employers such as UBS and Wells Fargo, as some doubt their prospects at the former First Republic under new owner JPMorgan Chase.
May 2 -
Although First Republic advisors appear relieved by the restoration of stability in coming under the megabank's umbrella, looming culture clashes could bring more attrition — from both the incoming advisors, and those they're joining.
May 1 -
The 12-person team's move was unsolicited and adds to what is now almost two dozen advisors who have migrated to the wirehouse from the struggling regional bank.
April 28 -
The moves reflect a wild week of First Republic advisors rushing to firms including JPMC, Morgan Stanley and UBS following their employer's calamitous earnings call Monday.
April 28 -
Despite a nearly flat advisor headcount, interest income and fees lifted the regional brokerage's results, and the wealth business still added $21.5 billion of net new assets.
April 27 -
Despite an earnings miss, the regional wealth firm said it was well-positioned to grow and retain customer cash, and made a pitch for advisors at less stable firms to hop aboard.
April 26 -
The firm saw profits halved over the past year and had a net loss of 98 advisors in the Americas last quarter. But its wealth unit brought in $28 billion of net new money.
April 25 -
The bank said the advisors and associates who left had managed under 20% of wealth management assets, as of the end of the first quarter.
April 24 -
The regional firm, whose parent is the 10th largest bank in the world by market capitalization, is eager to pitch top advisors seeking stability. At the same time, it's ramping up a major branding campaign with Major League Soccer and Apple to woo next-generation clients.
April 20
