News, Vision & Voice for the Advisory Community


HighTower wins a $700 million Merrill Lynch advisor in Maryland horse country and wrests an LA-based IAR from an RIA

The Chicago consolidator's transitions teams had a brutally busy Presidents' weekend bringing aboard teams on both coasts simultaneously, from Merrill and The Presidio Group

Author Brooke Southall February 23, 2012 at 4:19 AM
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Leo Kelly: I say to my clients: This is going to be a household name.

Breakaway Stories

Jeff Spears

Jeff Spears

February 23, 2012 — 4:33 PM

Jim Hausberg represents one of the first breakaway IARs.

That is significant.

Tim Welsh

Tim Welsh

February 23, 2012 — 5:10 PM

Congrats Leo! Glad to see alumni from the Merrill financial planning group doing so well. Welcome to the RIA world.



Elmer Rich III

Elmer Rich III

February 27, 2012 — 7:28 PM

It is a good proof point that HighTower’s model can “travel” to local HNW markets like MD. Being in Chicago ourselves, we want to see “local boys” make good.

Yes, Brooke, Baltimore has a storied past in the investment business with some of the finest firms in the world starting there.

Like with all good journalism, there are some great quotes in the article. Our favorites, which mirror best practices and the experiences of our clients, include:

- ““It was an exhausting weekend. Our clients have been energizing,” Kelly says. What energized Kelly to lead his team into HighTower and the RIA world was a desire for greater choices of services and products (especially alternative investments) on behalf of clients.”

Isn’t this one of the joys of our business and working with clients!

- “Independence alone is no longer sufficient to meet the complex needs of high-net-worth families.” James Hausberg

So true. We are all parts of teams, but important parts with independent voices. Client’s affairs are rapidly being extended and stretched in all directions and advisors need to be able to follow and serve these new profliferating needs and demands.

- “I didn’t leave Merrill because of Merrill or Bank of America. It’s the opposite. It’s because HighTower is the right choice for my clients.”

Great quote and what we see our clients and the best advisors doing — not running away from a bad situation but proactively seeking out the best to differentiate themselves in the hyper-competitive market. Bravo!

Related Moves

September 1, 2022 at 5:11 AM

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 at 7:58 PM

New-look Hightower hires Abby Salameh and takes a 'Hurley-style' stake in a $4.8 billion DFA RIA

The Chicago roll-up gets a chief marketing officer who gets RIAs as it becomes part-Dynasty, part- Fiduciary Network in adopting a very 2019 deal structure for LourdMurray

May 3, 2019 at 7:11 PM

Bob Oros starts his CEO life at HighTower Advisors with a town hall meeting and clear authority

The former Fidelity RIA chief now runs his formerly largest RIA client, from Chicago, and with Elliot Weissbluth as chairman, 'inorganic' asset and 'evangelist'

January 8, 2019 at 3:09 AM

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