Chicago-based registered investment advisor Hightower is laying off approximately 5% of its staff as part of an “ongoing strategic realignment,” a company spokesperson said.
The Hightower representative added that the cutbacks were “aimed at optimizing our resources and ensuring the long-term success of our business."
The streamlining is occurring after a year in which the serial aggregator spent a great deal of capital and energy growing both its ranks and its asset base.
In late August, Hightower firm Highland Private Wealth Management expanded its business with the acquisition of an advisor team with approximately $470 million in assets under management. Earlier that month, Fairport Wealth, a Hightower advisory business partner based in Cleveland, merged with $300 million AUM registered investment advisor firm Wealth CMT.
In February, Hightower acquired Bickling Financial Services Inc., a registered investment advisor overseeing $625 million in assets and has three offices in Massachusetts.
Hightower, which is backed by private equity giant Thomas H. Lee Partners, listed AUM of approximately $131 billion as of June 30.
“We remain confident in our financial stability and are committed to delivering exceptional service to our clients within the Hightower community as we move forward,” said the Hightower spokesperson.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.
The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.
Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.