Wealth advisors once snubbed Wall Street for First Republic. Now, they are running back to firms like Morgan Stanley.
, have also welcomed advisors from First Republic as the bank's future remains uncertain.
Before the banking crisis began, First Republic was able to get top-notch advisors, who typically had revenues of at least $10 million, by offering them bonuses of up to 400% of their gross commissions and fees from the previous year, according to Waxelbaum. Since most of the advisors leaving joined First Republic within the past two years, they are on the hook for the remaining loan balances as they haven't met longevity requirements, according to Waxelbaum.
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