HighTower Advisors adds $600M multi-family office to independent channel

Legacy Wealth includes two partners who formerly worked at Gibralter Private Bank and Trust of Coral Gables, Fla.
JUN 09, 2015
HighTower Advisors, a hybrid broker-dealer and investment adviser, has added Legacy Wealth Group Inc., a South Florida team that previously managed close to $600 million in assets. Based in Fort Lauderdale, Legacy Wealth is led by three managing partners who launched the firm earlier this year. Two, William Van Dresser and Elden LeGaux, previously worked at Gibraltar Private Bank & Trust of Coral Gables. Both were executive vice presidents and managing directors of wealth management at Gibraltar. The third person on the new team, Eugene Frankel, was previously an investment manager at Digital Sky Technologies, a tech-focused private equity shop. Legacy Wealth will be the ninth team to join the independent business side of HighTower's platform, said CEO Elliot Weissbluth. “We recently launched the platform to support independent advisers about a year and a half ago,” he said. “It's for advisers who run and own their business but don't want to do the back office themselves.” “I've had clients for many years, and they had fairly significant liquidity events,” said Mr. Van Dresser. “They asked me to open a multi-family office for them, so this is a new business with anchor clients.” HighTower currently has 55 teams in total across its channels and began the independent channel in May of 2013.

Latest News

Mercer Advisors lands third-biggest deal to date with Full Sail Capital
Mercer Advisors lands third-biggest deal to date with Full Sail Capital

With over 600 clients, the $71 billion RIA acquirer's latest partner marks its second transaction in Oklahoma.

Fintech bytes: FP Alpha rolls out estate insights feature
Fintech bytes: FP Alpha rolls out estate insights feature

Also, wealth.com enters Commonwealth's tech stack, while Tifin@work deepens an expanded partnership.

Morgan Stanley, Atria job cut details emerge
Morgan Stanley, Atria job cut details emerge

Back office workers and support staff are particularly vulnerable when big broker-dealers lay off staff.

Envestnet taps Atria alum Sean Meighan to sharpen RIA focus
Envestnet taps Atria alum Sean Meighan to sharpen RIA focus

The fintech giant is doubling down on its strategy to reach independent advisors through a newly created leadership role.

LPL, Evercore welcome West Coast breakaways
LPL, Evercore welcome West Coast breakaways

The two firms are strengthening their presence in California with advisor teams from RBC and Silicon Valley Bank.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.