HighTower Advisors, the fast-growing and well-funded Chicago-based advisory firm, has approximately $18 billion in assets under management with 10 offices in seven states and 36 advisors. Prominent investors include Co-Chairman David Pottruck, former chief executive of Charles Schwab, Phillip Purcell, former CEO of Morgan Stanley and Morris Offit, a prominent New York asset manager. The firm was founded by CEO Elliot Weissbluth and President Drew Kornreich in April 2008.
Jordan Waxman can handle the Ironman—he’s planning to run his fifth and sixth triathalons this year—but he couldn’t handle Bank of America bureaucracy. ...
Far fewer teams are making the jump to independence today, but they may be taking more assets with them. Still, the wirehouse model has its advantages and the indie model faces compliance threats....
The Pagnato-Karp Group, with $1.2 billion in assets, likens HighTower’s model to those that have leveled the proverbial playing fields in other industries. ...
VWG Wealth Management, with assets of $700 million, is the fifth wirehouse team this year to join HighTower Advisors, a Chicago-based hybrid RIA with national reach and $18 billion in AUM. HighTower signed up three Merrill Lynch teams in Palm Desert, Calif,, Naples, Fla. and Portland, Me., and another Morgan Stanley team in Palm Desert....
HighTower Advisors, the fast-growing and well-funded Chicago-based advisory firm, has raised its profile again, hiring top recruiting executives from Charles Schwab and LPL Financial as it plans to open six new offices by April 2011....
Morgan Stanley said today in its earnings report that it is making “continued progress” on its integration with Smith Barney, but declines in assets and headcount suggest it may be feeling the pain of client and advisor departures. Total retail net new assets in the Global Wealth Management Group were down $5.5 billion in the second quarter, with an inflow of $2.4 billion in international assets offset by sharply higher domestic outflows of $7.9 billion. The global rep census was 18,087, down just under 2 percent from the second quarter of 2009; annualized revenue per advisor was $679,000, up 1 percent from a year ago but down 1 percent sequentially....
Perhaps you can never be too rich or too thin. But you can have too many choices. There are many ways to go from Wall Street to independence these days. ...
Some lawyers and executives anticipate an overhaul to the broker protocol agreement, which has gotten unruly with the growing number of signatory firms, the rising number of exceptions attached to the agreement and the
high rate of advisors switching firms these days.
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Oct 1, 2009 12:00 PM, JULIE FOX Wisehaupt Bray Asset Management HighTower Advisors Palm Beach Gardens, Fla.
When Stella Bray and David Wisehaupt had an opening on their $1 million team at Merrill Lynch in 2006, Julie Fox jumped at the opportunity. I wanted the...
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