HighTower snags $500M JPMorgan rep

Miami-based Marc Shachtman launches True Wealth Advisory Group

Oct 5, 2017 @ 12:00 pm

By Jeff Benjamin

HighTower Advisors has brought a $500 million Miami-based JPMorgan rep into the fold.

Marc Shachtman, 49, is making his move to independence as founder and chief executive of the newly-launched True Wealth Advisory Group, which caters to 30 ultra-high-net-worth clients that moved with him from JPMorgan.

Chicago-based HighTower, which over the past decade has grown to more than $50 billion, has a sprawling footprint of 190 advisers in 28 states.

(More: HighTower faces pressure to let investors cash out.)

Mr. Shachtman, who served as executive director and senior banker at J.P. Morgan Private Bank, has been in the financial services industry for 14 years, including working as vice president in the investment management division at Goldman Sachs in Miami.

When asked why he was making the move to independence now, Mr. Shachtman responded that he believes he is still ahead of a coming wave of such moves from across the financial services industry.

"We're in the early innings of an incredible move away from traditional blue-chip firms to the more customized and personalized boutique independent space, for both advisers and clients," he said. "I still think I'm early in a trend that we're going see a lot more of over the next several years."

In a prepared statement, Kimberly Papedis, managing director, head of National Sales & Platform Strategy at HighTower, said, "Marc and the team at True Wealth Advisory Group exemplify the integrity and dedication that are hallmarks of the HighTower community."

Prior to Mr. Shachtman, HighTower's most recent recruit was a $260 million adviser affiliated with SunTrust Investment Services.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

Diversity & Inclusion Awards: 2018 nominations are open

Editor Fred Gabriel and special projects editor Liz Skinner discuss the nomination process for InvestmentNews' inaugural Diversity & Inclusion awards.

Latest news & opinion

Cetera reportedly exploring $1.5 billion sale

The company confirmed it's talking to investment bankers to 'explore how to best optimize [its] capital structure at lower costs.'

SEC Chairman Jay Clayton outlines goals for a new fiduciary standard

Rule should provide clarity on role of adviser, enhanced investor protection and regulatory coordination.

Advisers bemoan LPL's technology platform change

Those in a private LinkedIn chat room were sounding off about fears the independent broker-dealer will require a move to ClientWorks before it is fully ready.

Speculation mounts on whether others will follow UBS' latest move to prevent brokers from leaving

UBS brokers must sign a 12-month non-solicit agreement if they want their 2017 bonuses.

Maryland jumps into fiduciary fray with legislation requiring brokers to act in best interests of clients

Legislation requires brokers to act in the best interests of clients.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print