We told you to keep a sharp eye on this week and weekend. And we told you to be on the lookout for multiple J.P. Morgan Securities exits. Well, here you go.
First Republic just landed a monster team in Florida. Per media reports:
”Salvatore Tiano, who spent all one year of his 30-year career at J.P. Morgan Securities and its Bear, Stearns Securities predecessor, the team includes six advisors and four support staffers who work with $2.5 billion of client assets.”
”Mr. Tiano ranked #2 on Forbes’ list of top Sunshine State advisors in 2019 (and #54 nationally), and works with many “dot-com era public executives.”
”The group, which was based at a J.P. Morgan office in Palm Beach, are the first wealth managers to join First Republic private bankers in its Jupiter, Fla., branch.”
The spigot has officially been turned on and the ‘outflow’ at JPMS is expected. Multiple recruiters believe that there will be significant attrition at the firm this year – and this move is a testament to that.
First Republic, in conversations with recruiters, is set to get slightly more aggressive in wooing some of the largest teams in the space this year. They will need all the aggressiveness they can muster with Morgan Stanley and Wells Fargo at full tilt on the trail once again.
Again, there are more moves to come and announcements to be made. Q1 is shaping up as an epic one.