Paul Feinstein, one of First Republic’s ‘star’ hires nearly three years ago has taken a tumble. Having been fired from the firm he joined with great fanfare (the firing was sold as being put ‘on leave’, commence eye rolls), the details of his firing and subsequent career moves have made their way into the press.
It seems that Mr. Feinstein was planning his exit from First Republic and got caught, red-handed as they say. Knowing that Mr. Feinstein was planning an exit that would include nearly $1B in client assets, First Republic quickly took action.
Per media reports, Mr. Feinstein has quickly found a new home:
“Paul Feinstein has joined Private Advisor Group, a sprawling LPL-affiliated network of independent registered investment advisors and brokers.”
”Feinstein, a $5 million producer who joined First Republic in Los Angeles three years ago from UBS, has set up his new practice in Malibu, Calif., according to investment advisor registration records with the SEC.”
Okay, got it. Now about that massive deal that he struck to move from UBS to First Republic? Doing a little math one could assume that, at a minimum, Mr. Feinstein cashed a $10M check when he walked in the door, and probably added (again, at a minimum) another $3M in annual asset and revenue bonuses over the past 24-36 months. You can bet that a cash horde such as that will be the topic of litigation soon, if it isn’t already.
Interesting pathway Mr. Feinstein is taking here. Interesting, and risky, indeed.
