HighTower's president resigns

JUL 31, 2017

HighTower Advisors has a new vacancy at the top, following the departure of company president Michael LaMena. Mr. LaMena resigned to become president and chief operating officer of Bronfman Rothschild, a Rockville, Md.-based registered investment adviser with $5 billion under management. Mr. LaMena, who could not be reached for comment, spent seven years as chief operating officer at Chicago-based HighTower, and had been president and COO since October 2013. HighTower's website, detailing its chain of command, has been updated to reflect the removal of Mr. LaMena's profile. The company said there are no plans to replace Mr. LaMena and that the post would remain vacant. HighTower has nearly $50 billion in client assets, including more than $10 billion added since the start of the year. "We are deeply appreciative of Mike's year of dedication to HighTower and his many contributions to our firm's success; we wish him all the best," the email stated. "At HighTower, change is our business." Bronfman Rothschild did not respond to a request for comment.

Latest News

Women feel confident about saving, but many still keep cash in low-yield accounts
Women feel confident about saving, but many still keep cash in low-yield accounts

A new survey finds that many women prioritize financial security but continue to leave savings in accounts that may not keep pace with inflation.

SEC seeks comment on prediction-market ETFs after May pause
SEC seeks comment on prediction-market ETFs after May pause

Roundhill, Bitwise and GraniteShares funds remain on hold while the agency weighs how novel ETFs should be regulated.

Dump investment banks, buy alternative asset managers, says Oppenheimer
Dump investment banks, buy alternative asset managers, says Oppenheimer

"Shares of alternative assets managers have lagged this year as investors grow wary of private-credit exposure."

TaxStatus rolls out rules-based tool to flag advice gaps
TaxStatus rolls out rules-based tool to flag advice gaps

The fintech platform is touting a new AI-free Planning Observations feature, which draws on IRS tax records to uncover opportunities for advisors.

Carson Group deepens Colorado presence with Arvada advisor deal
Carson Group deepens Colorado presence with Arvada advisor deal

The Omaha, Nebraska-based RIA's latest acquisition expands its Rocky Mountain footprint after two prior Colorado deals last year.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.