The foundation of our business is extraordinary service built on a culture of caring. That means being there for our clients as their needs evolve over time and welcoming the next generation of clients to the Bank.”

Mike D. Selfridge, Senior Executive Vice President, Chief Banking Officer

To achieve scale, many companies take a mass-market approach which can lead to a degradation of client service. First Republic has taken a different approach that is unique in banking and beyond. We aim to provide a differentiated service experience that leads clients to do more with us and to refer their friends, family and colleagues. While this is not a novel approach, the delivery of such service requires great care, commitment and consistency from our colleagues.

We have created an environment for our colleagues that empowers them to be their best and work collaboratively as one team serving our clients. For example, we operate without departmental silos and organizational charts. In fact, we reward our colleagues for working collaboratively, across teams, to bring the full Bank to our clients. Our colleagues are not restricted in which colleagues they can partner with to serve clients. Instead, they choose the most appropriate partners for each individual client.

This approach differs from other banks where clients are passed among divisions that can feel like different companies altogether. Poor communication and bureaucracy are incredibly frustrating for clients who want their bank to understand their full financial picture.

Client longevity is a key part of the Bank’s growth with more than half of our business each year coming from existing clients. To promote longevity, we keep clients with their Relationship Manager for the duration of their relationship with First Republic. This is possible because we do not tier clients by value, but rather treat all clients with the same, high level of care. As clients grow, or even move regions, their Relationship Managers continue to serve them. Similarly, as bankers’ careers progress, they may take on management responsibilities, but they do not stop serving their clients. Instead, they grow their support teams.

We deliver our exceptional service through a single-point-of-contact model. Each client benefits from having a dedicated Relationship Manager who acts as the primary point of contact for all their financial needs. While we do have a client service telephone number, we encourage clients to contact their Relationship Manager directly for assistance.

Our Relationship Managers assemble a team of experts across private banking, private business banking and private wealth management who work collaboratively to deliver thoughtful, holistic solutions to our clients.

First Republic Difference Diagram Residential Lending Personal Lending Commercial Real Estate Lending Checking, Savings, CDs (Deposits) Business Banking Foreign Exchange Insurance Services Brokerage Services Brokerage Services Investment Management Financial Planning P R I V A T E W E A L T H M A N A G E M E N T E X T R A O R D I N A R Y S E R V I C E T H R O U G H P E R S O N A L & D I G I T A L C H A N N E L S F U L L - S E R V I C E P R I V A T E A N D B U S I N E S S B A N K I N G Y O U R F I R S T R E P U B L I C R E L A T I O N S H I P M A N A G E R CLIENT
  • Banking products and services are provided by First Republic Bank, Member FDIC and Equal Housing Lender
    Investment Advisory services are provided by First Republic Investment Management, Inc. Trust and Fiduciary services are offered through First Republic Trust Company, a division of First Republic Bank; and First Republic Trust Company of Delaware LLC and First Republic Trust Company of Wyoming LLC, both wholly owned subsidiaries of First Republic Bank. Brokerage services are offered through First Republic Securities Company, LLC, Member FINRA/SIPC. Insurance services are provided through First Republic Securities Company, DBA Grand Eagle Insurance Services, LLC, CA Insurance License # 0I13184, and First Republic Investment Management, DBA Eagle Private Insurance Services, CA Insurance License # 0K93728.
  • Investment, Insurance and Advisory Products and Services, and Foreign Exchange Transactions, are Not FDIC Insured or Insured by Any Federal Government Agency, Not a Deposit, Not Bank Guaranteed and May Lose Value.

Net Promoter Score (NPS)

Our NPS is our client service report card. It is derived from clients’ responses to a single question: “On a scale of 0 to 10, how likely are you to recommend First Republic to a friend or colleague?” We find this to be the most stringent measure of client service.

Each year we conduct this survey with a random sample of clients covering all of our markets and our full range of products. In addition to the NPS question, we ask additional questions to find out what is working well and to identify areas for improvement. This information is provided to leaders across the business who can take appropriate action. As part of the survey, clients are even offered an opportunity to speak to an executive to provide feedback about the service they receive.

First Republic’s exemplary NPS is a strong testament to our exceptional service. In 2020, our NPS was more than double than the U.S. banking industry average and higher than many top service-focused brands.

In addition to the annual NPS survey, we conduct surveys directly following client interactions. These surveys provide timely feedback that can lead to opportunities for improvement or the timely resolution of client issues.

Net Promoter Score:

2020 Top Service-Focused Brands1
  • 83First Republic — as “Lead Bank”
  • 73First Republic — Overall
  • 71Southwest
  • 70Ritz Carlton
  • 62Apple
  • 43Airbnb
  • 36U.S. Banking Industry Average
Our client satsifaction is over
higher than the U.S. banking industry
  • 1For more information on the data provided, please refer to the Bank's Form 8-K Investor Presentation filed March 1, 2021.

Net promotion in practice

Our NPS is more than just a number, it translates into more business with clients. Each year more than 75% of our growth comes from existing clients doing more with us and referring their friends, family and colleagues. Additionally, it leads to very low client attrition of 2%, compared to the industry average of 8%.1 By taking great care of our clients, we create a powerful network effect that leads to compounding growth over time.

Growth Driver: Satisfied Clients

Sources of checking Deposit Growth2

12/31/2007 to 12/31/2020
Deposits growth from existing clients
Deposits from client referrals3
Deposits from new clients4
Annual checking attrition2
Significantly lower than over 8% client attrition from U.S. Banks1

Sources of new loan originations5

1/1/2015 to 12/31/2020
Loans to existing, credit-proven clients
Loans from client referrals3
Loans from new clients4
  • 1Source: Harland Clarke. Represents U.S. banking industry client attrition data from 2014 to October 2017.
  • 2As measured by change in balances. Checking defined as all business and consumer checking, excluding money market checking.
  • 3Referral as identified by KYC referral information for the first customer of new relationships in 2015-2020.
  • 4New clients defined as new relationships that joined FRC within the calendar year. The balances represent the combined accounts within the calendar year.
  • 5Based on principal balance at origination, for loans originated during 2015-2020, excluding overdraft lines of credit and refinanced FRC loans. Includes all loan originations whether on balance sheet, sold or currently held for sale.

Using Technology to Further Empower Our Clients

Clients choose First Republic because they can trust us, we make banking convenient for them and we tailor our services to each individual. These qualities extend to our technology offering.

In addition to using technology to further empower our bankers, we’re using technology to empower clients to bank in a way that suits them. For example, clients can request wire transfers with their bankers, or they can do so quickly and easily through our mobile app. For more complicated needs, clients can always rely on the trusted care of their bankers.

We utilize carefully selected, flexible and open tech platform partners coupled with in-house engineering capabilities to allow us to quickly customize client interfaces and features.

Get Started iPhone App

The seamless integration of trusted, human service and digital technology gives clients greater peace of mind and convenience.

Introduced in 2020, the banker contact feature allows clients to reach their personal banking teams with a single touch from anywhere within the mobile banking app.

Our technology investments strengthened an important service delivery channel during the COVID-19 pandemic, allowing our clients to stay safe by banking remotely.

Debit Card Controls: We give clients increased control over their banking by allowing them to temporarily adjust spending limits on their debit card. This enables clients to make a one-time large purchase without having to contact their banker for assistance.

Loan Origination Process: In 2017, we completed the rollout of a new single-family loan origination system that supports paperless loan files. By 2019, all single-family loan originations were processed through this system.

In 2020, to accommodate social distancing guidelines, we further digitized the mortgage origination process. This included expanding the use of our fully digital mortgage application, making all non-notarized mortgage documents electronically signable and allowing down payments to be made easily via the mobile app.

A client-driven approach to cybersecurity

First Republic understands that cyber risks are unique to each person and business that we serve. Our holistic, client-driven approach combines cybersecurity, data and risk management through client education and awareness, colleague education and vendor due diligence. This includes:

  • Internet Security Health Checks for clients, including a review of security settings as well as recommendations to increase online security
  • Cybersecurity Awareness Sessions to educate clients and their employees on the latest cybersecurity threats and how to identify them before they become cyber attacks
  • Personalized online assessments, and monitoring for fraud and risk indicators specifically used to perpetrate credential stealing and financial fraud
  • Client access to cybersecurity experts
  • Information security awareness training for all colleagues
  • Information security due diligence to ensure that our vendors protect client information in accordance with our information security policies and standards

We continually evaluate the effectiveness of our cybersecurity program to identify opportunities for enhancement. This includes:

  • Risk assessments to identify, measure and manage risks to the Bank’s information assets
  • Annual SSAE-18 SOC 1 reporting, third-party testing and auditing of information security controls
  • Online activity monitoring to identify and prevent fraud
  • Ongoing monitoring of the dark web to protect the Bank, clients and key vendors
  • Regular disaster recovery and crisis management exercises to ensure continued operations

Cybersecurity issues and risks are a board-level priority and are overseen by a dedicated Directors’ Information Security and Technology Committee.

Our bankers’ close relationships with their clients provide a unique perspective on transaction patterns, oftentimes enabling them to identify unusual activities or requests. Colleagues receive special recognition, including a Screaming Eagle Award, when they protect their clients and the Bank through their extraordinary service.

Meeting Our Clients Earlier, Serving Them Longer

First Republic got its start by offering mortgages to young professionals in the San Francisco Bay Area. Historically, mortgages served as the initial product to get trial with new clients and introduce them to our client-focused model. Happy with our exceptional service, many of our home loan clients have stayed with us as their financial needs grew and evolved over time.

Today, the financial needs of young professionals have changed. Homebuying has become more prohibitive and is therefore occurring later in life. To reach the same great clients before they are ready to purchase a home, we developed our Professional Loan Program and began refinancing household debt.

At the same time, clients are increasingly in need of wealth management services. We have built out our wealth management capabilities to fully meet these complex needs.

When we combine our next generation and wealth management strategies, we are roughly doubling the length of time that we can serve our clients. This creates substantial value for our clients and shareholders.

first republic bank client relationship lifespan is doubling

Infographic with data representing the client relationship lifespan
  • 1Includes term loans and, beginning June 2020, includes personal lines of credit.

Meeting clients earlier

Professional Loan Program1,2

Number of Households3
Average age of Borrower4
Average FICO
Total Loans Outstanding

In 2009, we created the Professional Loan Program (PLP) to finance the required capital contributions of clients who have been granted the opportunity to invest in their partnerships, companies or firms. Through this program, we are able to reach the next generation of business leaders.

By helping clients overcome today’s financial challenges, we are planting seeds for long-lasting relationships. These are the same great clients we have always had and we have found that they really value our high touch service model.”

James Herbert, Senior Vice President, Co-Head of Eagle Lending

Household Debt Refinancing1,5

Number of Households3
Average age of Borrower4
Average FICO
Total Loans Outstanding

One of the greatest challenges facing our next generation of clients is household debt, including student loans. Approximately 44 million U.S. borrowers have outstanding student loans, representing $1.7 trillion in balances.6

In 2014, we began refinancing student debt to address this challenge. In 2020, we expanded this product to allow clients to consolidate other forms of debt into a single payment that can result in significant savings and help clients reach a better financial position.

Staying true to our prudent credit philosophy, we look for borrowers with strong credit scores, liquidity and debt service coverage. By easing their debt burden, many of these clients have been able to take the next steps toward increasing savings, buying homes and more.

¹ Loan amounts are based on unpaid principal balance as of December 31, 2020. At December 31, 2020, the household debt refinance portfolio had one delinquency over 30 days and 18 charge-offs since inception and the PLP portfolio had four delinquencies and no charge-offs since inception.
2 Typically collateralized, and in many cases guaranteed by firms.
3 Represents the total number of households acquired since inception, as of December 31, 2020. Includes households with outstanding loans as well as paid-off loans.
4 Average age of borrower at the time of origination. Other than being 18 years old or legally able to enter into a contract, there are no age requirements or age restrictions for loan eligibility.
5 Includes term loans and, beginning June 2020, includes personal lines of credit.
6 Source: New York Fed Consumer Credit Panel/Equifax (number of U.S. borrowers); Federal Reserve, Consumer Credit – G.19 Release, release dated March 2021; figure as of December 31, 2020 (balances).

In addition to the Professional Loan Program and Household Debt Refinancing, First Republic has several programs to attract and serve the next generation of clients.

First-Time Homeowners Program

An expanded home loan program offering loan discounts and financial counseling for new mortgage clients

Deposit Promotions

Promotional deposit pricing to help attract new and retain existing young professionals

Partnerships with Leading Companies

A program offering employees of select companies special discounts on deposit, lending and wealth management services

Eagle invest

Eagle Invest1 is First Republic’s automated online investment management offering which provides an entry point into a Private Wealth Management relationship earlier in a client’s financial life cycle. Consistent with our service-oriented culture, Eagle Invest includes access to Eagle Invest Advisors.

The models that power Eagle Invest are developed by First Republic Investment Management’s Research Team, representing our best institutional thinking. Eagle Invest clients benefit from the combination of efficient trading technology paired with a level of service and thoughtfulness they have come to expect from First Republic.

¹ Eagle Invest is an investment advisory service offered by First Republic Investment Management, Inc., and sub-advised by BlackRock FutureAdvisor, Inc. (FutureAdvisor). First Republic Investment Management, FutureAdvisor and Fidelity Investments, Member FINRA/SIPC, are unaffiliated SEC-registered investment advisors. FutureAdvisor is a registered trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. $5,000 minimum investment required.

Relationship manager development program

To nurture our next generation of households, we are investing to develop the next generation of Relationship Managers who can serve these clients for life. These new Relationship Managers are typically existing First Republic colleagues, with an average tenure of five years and strong cultural alignment.

As part of our Relationship Manager Development Program, colleagues receive additional training, mentoring and hands-on experience. Through the end of 2020, over 80 new Relationship Managers graduated from this program.

My mentor has shown me, firsthand, the importance of relationship banking. Most of my new business comes from referrals. I’m excited about the opportunity to grow with my clients for many years to come.”

Sunny P., Relationship Manager

Serving clients longer: private wealth management

We offer a wide range of Private Wealth Management solutions to serve clients as their needs evolve, including financial planning, investment management, brokerage services, trust services, insurance services and foreign exchange.1 Our open architecture platform allows us to provide an unbiased perspective, aligning our interests with those of our clients.

The strong partnership between First Republic’s Wealth Managers and Bankers allows us to deliver an integrated client experience on both sides of the client’s balance sheet. This allows First Republic to be the holistic provider of banking and wealth management services.

Our wealth management business benefits from diversified sources of growth, including new clients sourced by existing wealth professionals, bank referrals and the continued selective hiring of high-quality Wealth Manager teams who share our passion for client service. In 2020, we welcomed eight new teams to First Republic.

¹ Investment, Insurance and Advisory Products and Services, and Foreign Exchange Transactions, are Not FDIC Insured or Insured by Any Federal Government Agency, Not a Deposit, Not Bank Guaranteed and May Lose Value.

As our clients’ lives become more complex, we are able to serve them with our comprehensive wealth management offering. Our sole objective is doing what is right for each individual client. We take a very personalized approach.”

Robert L. Thorton, Executive Vice President and President, First Republic Private Wealth Management

Private Wealth Management Recognition


Best Firm Culture

Private Asset Management

Top 50 Private Wealth Management Teams


Top 100 Financial Advisors


Top Next-Gen Wealth Advisors


Our Clients Say It Best

When it comes to client satisfaction, our clients say it best. The metrics are simply a reflection of the satisfaction of individual clients.

First Republic makes everything easy. Our banker understands our mindset and is always quick to respond.”
Ashwin Krishnan, Business Development, Airbnb; Lavanya Krishnan, M.D., Dermatologist and Founder, Arya Derm; Pictured with Aryana
Clients of First Republic Bank Since ’17
The service at First Republic is unmatched. They go out of their way to meet our needs.”
Ghia Griarte, Managing Partner, Ponte Partners
Rod Brewster, Founder and CEO, Pingtumi

Clients of First Republic Bank Since ’11
First Republic believes in the work we’re doing. That makes all the difference in the world.”
Chinatown Health Clinic Foundation
Raymond Fong, M.D., President of the Board

Client of First Republic Bank Since ’14
First Republic is always ready with expert advice and feedback when we need to make a quick decision.”
Susan Feniger, Chef and Owner, Border Grill (left)
Mary Sue Milliken, Chef and Owner, Border Grill (right)

Clients of First Republic Bank Since ’08