First Republic Bank branch in New York (Photo: Bloomberg)

A team of four advisors has joined First Republic from UBS in Paramus, New Jersey. The group includes Kieran Lynch, Jack Inserra, Craig Kaufman and Joel Kaufman.

The move was first reported by AdvisorHub, which says the team works with about $550 million in assets and has yearly fees and commissions of roughly $3.6 million.  

“Kieran Lynch, Jack Inserra, Craig Kaufman and Joel Kaufman are a highly experienced team who further expand our wealth management capabilities in the New York metropolitan area,” according to First Republic Private Wealth Management President Bob Thornton.

Lynch, a certified financial planner, has 28 years of experience in the business, including over a decade with Smith Barney; Inserra has been an advisor for 32 years, while Craig Kaufman has 15 years of experience, FINRA BrokerCheck records show.

Joel Kaufman’s career includes 40-plus years in wealth management. Before UBS, he was with Morgan Stanley, Paine Webber and Lehman Brothers.

The latest First Republic recruiting news comes about two weeks after it added a team of veteran Merrill Lynch advisors — Mark Beach and Rick DuPont — in Palo Alto, California. 

In the second quarter, First Republic’s Wealth Management unit had revenue of nearly $820 million, up 10% from a year ago, and net income of roughly $227 million, a jump of 6% from Q2’18. 

The unit’s total assets were $137.6 billion as of June 30, 2019, down almost 2% from a year ago due to the exit of the Luminous Capital, which had $17 billion. The outflows, First Republic says, were “largely offset by more than $8 billion of client inflows and market appreciation.”

In the third quarter, the bank expects an outflow of some $4 billion tied to the Luminous departure.