HighTower nabs top FiNet recruiter

HighTower Advisors, a hybrid broker-dealer and investment adviser, has snapped up a top recruiter from Wells Fargo & Co.'s independent brokerage unit, Wells Fargo Advisors Financial Network. Kimberly Hollenbeck, who sources said brought in advisers with around $15 million in revenue in 2013, will join HighTower on Aug. 11 as a recruiter on the West Coast, according to a source familiar with the move. Wells Fargo Advisors spokeswoman Rachelle Rowe confirmed the move and said that Tuesday would be Ms. Hollenbeck's last day. The firm is seeking to replace her. A HighTower spokeswoman, Melinda Brodbeck, said executives were traveling and not immediately available. A similar recruiting role at HighTower was previously held by Kevin Geary, who had been managing director of Western business development before moving to Fidelity Investments this spring. (Don't miss: Will HighTower be the next Raymond James?) In her new position, Ms. Hollenbeck will focus on recruiting to all three of HighTower's platforms, including its partnership, franchise and fee-for-service channels, according to the source. Ms. Hollenbeck's departure comes six months after her former manager at FiNet, Ron Sallet, left to join Dynasty Financial Partners. Wells Fargo FiNet recently brought on a former LPL recruiter, Joseph Line, another one of the many recruiter moves this year. Ms. Hollenbeck had been with Wells Fargo since 2010, according to records with the Financial Industry Regulatory Authority Inc. HighTower Advisors had around $15 billion in assets under management, according to a filing with the SEC from May. That was not including the assets hired into the HighTower Network platform, which has hired four teams so far this year.