The Power 20
CEO, HighTower Advisors
Elliot Weissbluth loves to hammer home the message of independent, conflict-free financial advice to Wall Street’s wirehouse reps, and he thinks his firm, HighTower Advisors LLC, has a new program that will greatly appeal to them in 2013. It’s called the HighTower Network and is aimed at advisers who either are not ready to join or do no want to join the broader HighTower partnership, which consists of 35 adviser practices that own equity in the firm. Those advisers manage close to $25 billion in client assets.
“We’re going after a different market,” said Mr. Weissbluth, the company’s 45-year-old chief executive. “We’ve spoken to financial advisers who have said, ‘I don’t want to work for anybody.’ Up until this year, we didn’t have a solution. “Now we can say to them, ‘Great, be an entrepreneur and you still have access to our platform of multiple clearing firms.’ If they want to sell their business later, we’re happy to be a high-quality service provider.”
Introduced in a soft rollout this year, the HighTower Network will be “aggressively” marketed by the second quarter of next year, Mr. Weissbluth said.—Bruce Kelly