{"id":11042,"date":"2023-05-15T14:29:02","date_gmt":"2023-05-15T18:29:02","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=11042"},"modified":"2023-05-15T14:29:02","modified_gmt":"2023-05-15T18:29:02","slug":"grand-canyon-not-a-crack-in-the-sidewalk-scott-silver-on-first-republic-disclosures","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/grand-canyon-not-a-crack-in-the-sidewalk-scott-silver-on-first-republic-disclosures\/","title":{"rendered":"Grand Canyon Not A Crack In The Sidewalk: Scott Silver On First Republic Disclosures"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-9940 size-medium\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-300x200.jpg\" alt=\"We\u2019ve often blogged about how brokers and investment advisors don\u2019t always do business in a client\u2019s best interest. In many cases, it\u2019s the broker\u2019s best interest that comes first, and the client pays the price.  First Republic Bank\u2019s compensation system for its brokers\u2014called \u201cwealth managers\u201d in their Form ADV brochure\u2014offered them considerable bonuses for bringing in cash-flush customers. The incentives allowed First Republic to recruit Wall Street brokers and funded its deposit base for these customers. This initiative saw First Republic\u2019s deposit rate increase by 21% over a five-year period. At the end of 2022, the bank had $176 billion, according to their SEC filings.  According to one source, the bank\u2019s deposit funding was greatly helped by the substantial increase on the wealth management side of the house.\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-300x200.jpg 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-1024x683.jpg 1024w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-768x512.jpg 768w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-1536x1024.jpg 1536w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-2048x1365.jpg 2048w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-1000x667.jpg 1000w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-180x120.jpg 180w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>We\u2019ve often blogged about how brokers and investment advisors don\u2019t always do business in a client\u2019s best interest. In many cases, it\u2019s the <em>broker\u2019s <\/em>best interest that comes first, and the client pays the price. <a href=\"https:\/\/www.silverlaw.com\/blog\/grand-canyon-not-a-crack-in-the-sidewalk-scott-silver-on-first-republic-disclosures\/#more-11042\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We\u2019ve often blogged about how brokers and investment advisors don\u2019t always do business in a client\u2019s best interest. In many cases, it\u2019s the broker\u2019s best interest that comes first, and the client pays the price. Continue reading \u203a<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[580],"tags":[],"class_list":["post-11042","post","type-post","status-publish","format-standard","hentry","category-stockbroker-misconduct"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Grand Canyon Not Crack In Sidewalk: Scott Silver, First Republic<\/title>\n<meta name=\"description\" content=\"Prior to its ending and buyout, the incentive system of First Republic was the highest in the industry, as high as 1.15%, of customer cash.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silverlaw.com\/blog\/grand-canyon-not-a-crack-in-the-sidewalk-scott-silver-on-first-republic-disclosures\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Grand Canyon Not Crack In Sidewalk: Scott Silver, First Republic\" \/>\n<meta name=\"twitter:description\" content=\"Prior to its ending and buyout, the incentive system of First Republic was the highest in the industry, as high as 1.15%, of customer cash.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-300x200.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Silver Law Group\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Grand Canyon Not Crack In Sidewalk: Scott Silver, 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minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.silverlaw.com\/blog\/grand-canyon-not-a-crack-in-the-sidewalk-scott-silver-on-first-republic-disclosures\/","url":"https:\/\/www.silverlaw.com\/blog\/grand-canyon-not-a-crack-in-the-sidewalk-scott-silver-on-first-republic-disclosures\/","name":"Grand Canyon Not Crack In Sidewalk: Scott Silver, First 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