First Republic's $70B-plus RIA roll-up loses four top executives as its contract with Luminous team ticks down

For the last eight years, James H. Herbert II has been quietly working to upend at least two bits of RIA conventional wisdom: that RIAs can't be rolled up and that banks can't buy RIAs without belching them back out a few years later.

The CEO and chairman of First Republic Bank has overseen growth of the bank's wealth manager mightily enough by focusing on high-net-worth and ultrahigh-net-worth investors. Read More