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August 5, 2022

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First Republic Bank’s wealth management unit reeled in its second veteran producer this week–this time from J.P. Morgan Advisors in Palm Beach Gardens, Florida, according to multiple sources familiar with the move. 

David J. Loeb, who generated around $1.8 million in annual revenue, joined a First Republic branch in Boca Raton, Florida, the sources said. Loeb had managed around $250 million in assets, they said. 

His production is below average for the typical hire for First Republic, which earlier this week added a team with $4.3 million in revenue from Merrill Lynch in California. 

But First Republic was looking for a hire in the area to help it expand into a new office in the next couple years and was convinced of Loeb’s ability to grow his practice, according to two sources. 

Loeb was introduced to First Republic by a former J.P. Morgan Advisors manager, Pete Secret, who now runs a recruiting business in Atlanta. Secret said that Loeb did a lot of business banking and lending, which First Republic’s parent bank found attractive.

“He worked for me for 10 years and was one of the hardest workers with a focus on growing,” Secret said. 

The broker also knew Michael S. Lee, another former J.P. Morgan Advisors manager who is regional market development leader for First Republic in New York and Florida. 

Loeb started his career at Merrill, where he worked during college, according to his former firm biography. He first registered with Morgan Stanley’s Smith Barney predecessor in 1994, where he started out as an investment and institutional account executive, and moved to J.P. Morgan in 2003, according to BrokerCheck and the bio. 

Loeb could not immediately be reached for comment. His former website lists two support staff, who are remaining at J.P. Morgan. 

A spokesperson for J.P. Morgan confirmed Loeb’s exit but declined further comment. J.P. Morgan Advisors, which has around 450 brokers, is on a campaign to double headcount in the next five to seven years with a focus on brokers who generate at least $1.5 million in revenue, executives have said.

First Republic, which has just over 200 brokers, has hired six teams so far this year, leaving it on pace to hit its yearly average of around 10. It has been plying top producers with offers that can stretch over 330% of trailing-12 production, including up-front and deferred bonuses, according to recruiters familiar with their deals. 

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