Hightower nears settlement with former advisor in age discrimination case

Massachusetts advisor Glenn Frank appears to have reached a settlement in his age discrimination lawsuit against Hightower Advisors, the mega-RIA headquartered in Chicago with about $325 billion in assets under management.

In a joint status report filed on November 24, the parties reported “they have reached agreement on the material terms of settlement and are working on a formal agreement that incorporates those terms.” Frank’s attorneys also have requested a 60-day “nisi order” as they work to finalize the formal agreement.

Frank originally filed discrimination charges in March 2024 against Hightower in Massachusetts court, over claims that Hightower "continuously phased” Frank out of work over the past several years since Hightower’s 2019 acquisition of the Boston-area RIA Lexington Wealth Management. Frank was 69 when he filed his lawsuit and had worked at Lexington Wealth since 2010 following his departure from Wells Fargo. 

“On information and belief, Hightower has inferred to Plaintiff’s clients that he was retiring when he was not. Later, Hightower unilaterally cut Mr. Frank’s hours and pay in half, and heavily restricted his interactions with his long-standing clients, requiring him to defer to younger advisers,” reads the lawsuit. “Finally, after Mr. Frank brought suit on his discrimination and restrictive-covenant claims, Hightower unlawfully terminated Mr. Frank’s employment in retaliation for his opposition to discrimination and because of his age.”

Under Hightower’s ownership, Lexington has expanded through multiple local acquisitions including Marcus Financial Advisors and Thompson Wealth Management, both based in Massachusetts. 

Frank’s case moved from Massachusetts court to Hightower’s home state of Illinois, in which Lexington Wealth co-founder Kristine Porcaro is listed as a defendant alongside Hightower. While at Hightower in 2024, Frank claims he managed about $1.5 billion in assets for 25 clients.

“We don’t comment on matters related to litigation,” said a Hightower spokesperson after InvestmentNews reached out for comment related to its latest settlement update. 

Frank’s lawsuit also claims his contract with Hightower includes non-solicitation policies that “amount to an unlawful non-competition restriction, and would restrict Mr. Frank from soliciting or even working with his own clients after a departure for a year after his departure from Hightower.” Per Frank’s personal LinkedIn page as of August 2025, he formed Frank and Flanagan Wealth Advisors with partner Dan Flanagan, operating as a Massachusetts-based advisory practice affiliated with EverSource Wealth Advisors.