First Republic’s Hiring Spree Rolls on With $7.8-Mln Merrill Team in Beantown Suburb
Notching its third multi-million dollar team in as many weeks, First Republic Bank’s private wealth unit on Friday hired a Merrill Lynch team generating $7.8 million in annual revenue from $850 million in client assets in Wellesley, Massachusetts, according to a source familiar with the move.
The 12-person team is led by Derek M. Mohamed and Justin R. Merola, who have logged 23 and 17 years in the industry, respectively, according to registration records and an announcement. Mohamed had ranked 18th on Forbes’ 2022 list of top Massachusetts advisors outside of Boston. He and Merola had been with Merrill since 2015, according to their BrokerCheck reports.
Mohamed started at Morgan Stanley in 2000, moved to UBS Wealth Management USA in 2007 and joined Merrill eight years later, according to his BrokerCheck report. Merola started with Morgan Stanley in 2005 and made the same leap as Mohamed to UBS and from there, to Merrill, according to the database.