HighTower shifts into high gear with a three-team, $1.2 billion AUM in-three-weeks spree
An alpha predator in 2010, 2011, the Chicago-based rollup, now with with 260 employees, roars again, twice at Merrill Lynch and once at UBS
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With RIA valuations ticking down and successions ticking up, Focus Financial deep sixes 'drunken sailor' pause, forgoes buyback plan and adds a CEO
CEO Rudy Adolf sees a 'softening' in multiples after a couple of frothy years when CI Financial dominated headlines and big RIA deals
August 13, 2022 at 12:39 AM
Looking past Covid-19 pandemic, Louisiana RIA buys $1-million building after hitting $1 billion in AUM and hiring the town's mayor
Summit Financial Wealth Advisors was sold to Focus Financial in 2014, growing its assets by $400 million since then but keeping staffing about the same
December 17, 2020 at 3:02 AM
A 20-year Merrill Lynch veteran got Sanctuary Wealth to $10 billion in AUA in 15 months with no outside capital and no time in bed: 'Nobody's slept since April'
Jim Dickson also recruited HighTower talent, Amit Dogra, to bring the old HighTower brokerage model and execute it as HighTower veers toward buying RIAs
August 15, 2019 at 7:58 PM
New-look Hightower hires Abby Salameh and takes a 'Hurley-style' stake in a $4.8 billion DFA RIA
The Chicago roll-up gets a chief marketing officer who gets RIAs as it becomes part-Dynasty, part- Fiduciary Network in adopting a very 2019 deal structure for LourdMurray
May 3, 2019 at 7:11 PM
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Advisor Growth Strategies, LLC
Consulting Firm
Top Executive: John Furey
Stephen Winks
Charlie Andriole is a most significant win for HighTower as he represents the demands of wirehouse advisors active as PMers requiring a more modern approach to portfolio construction, not possible in a wirehouse format. These pioneering wirehouse PMers in some cases can acknowledge to their clients they are acting in a fiduciary capacity by virtue of literallyacting as portfolio managers. But in practice they are terribly constrained by the wirehouse compliance protocol which has yet to manage trade execution as cost center to be minimized in the consumer’s best interest. The trading desk is still a massive profit center and wirehouses still do not proactively provide the necessary support essential for fiduciary standing.
If Andriole makes a successful transition, there is a trillion in PMer assets which would find a HighTower solution most enlightening.
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