HighTower wins big UBS team and clinches 'critical mass'
The Chicago-based aggregator is breaking even and signing leases for more office space in three cities
UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture
Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.
July 16, 2022 – 1:35 AM
Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores
The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges
January 23, 2021 – 2:02 AM
Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift
Rich Policastro and Tom Valverde are out after Fidelity Custody & Clearing assets leap to $2.6 trillion AUA, restructuring gets the credit -- and so restructuring gets extended.
March 13, 2020 – 10:36 PM
A 20-year Merrill Lynch veteran got Sanctuary Wealth to $10 billion in AUA in 15 months with no outside capital and no time in bed: 'Nobody's slept since April'
Jim Dickson also recruited HighTower talent, Amit Dogra, to bring the old HighTower brokerage model and execute it as HighTower veers toward buying RIAs
August 15, 2019 – 7:58 PM
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HighTower is on fire!
It would hard to argue that HighTower isn’t on fire right now. Smoke [office leases being signed] and flames [big teams signing on] are both apparent.
I have continually asked advisors, consultants and other industry observers what accelerating force is sending the flames higher. The answers are typically long and not easy to summarize. Andy Morse made a comment about how HighTower has the feel of the old Wall Street firms — before they became [my words] amorphous, CYA corporations.
What I take this to mean is that the aggregator has struck a balance between contradictory needs. Advisors want the sense of autonomy and individuality that comes from being a member of a smaller organization. They also crave the sense of security and omnipotence of being part of something with some heft and firepower.
HighTower’s growth seems to be aided by giving advisors a sense they are part of a small worthy club. But its platform, team of advisors and managers are impressing prospects that they have more than enough scale to compete with anyone.