Advisor Who Joined First Republic Last Month Returns to Morgan Stanley

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J.P. Garofalo, a Los Angeles-based financial advisor whose team joined First Republic Investment Management in early March, has returned to Morgan Stanley, according to regulatory filings. Garofalo BrokerCheck profile indicates he’s still registered with First Republic, but registered with Morgan Stanley on April 13, 2023.

Garofalo and his team left Morgan Stanley in early March for First Republic. The team oversaw $1.2 billion in assets, according to published reports. Garofalo led the group alongside Alexander Kadish and Nicholas Davey, who appear to still be with First Republic, according to registration filings as of Wednesday evening. The team provided portfolio management, retirement planning, investment consulting and other wealth management services to individuals, families, nonprofits and private family foundations.

Morgan Stanley and Garofalo did not return requests for comment by press time.

Garofalo is the latest advisor to depart First Republic in the wake of a crisis spurred by the collapse of Silicon Valley Bank. After SVB’s implosion, First Republic also seems endangered, with customers pulling deposits and investors selling shares, causing the stock to drop nearly 90% in value over the past weeks. 

On Monday’s earnings call, First Republic Bank CEO and President Mike Roffler said departing teams accounted for less than 20% of total wealth management assets as of March 31. First Republic says it has retained nearly 90% of its advisors, as of April 21.

The bank’s stock plummeted 49% on Tuesday after reporting an outflow of more than $100 billion in deposits in March. On Wednesday, shares fell another 30%.

Now, the bank is taking steps to strengthen its business, including relying less on big depositors and focusing on loans that can be sold on the secondary market. But those moves add to pressure on the firm’s once-prized wealth management business, Bloomberg reports.

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Roffler also said the firm is exploring strategic options. Bloomberg reports the bank is weighing whether to divest $50 to $100 billion of assets.

https://www.wealthmanagement.com/industry/advisor-who-joined-first-republic-last-month-returns-morgan-stanley

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