It won't be long before HighTower's fee-for-service channel revenues draw even with its partner firm revenues
Chicago aggregator is in talks with 50 firms about signing up with the newly unveiled Network and Alliance options
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
Executive shake-up and staff hiring binge change Dynasty Financial Partners' talent mix, with Todd Thomson, Scott Welch, Ed Friedman and 12 women as headliners
The St. Petersburg-based producer of 'synthetic RIA scale' will continue to aggressively hire and adjust its talent ranks as it readies for next growth push.
September 24, 2019 – 2:02 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 – 7:58 PM
See more related moves
Dynasty Financial Partners LLC
Specialized Breakaway Service, Mergers and Acquisition Firm, RIA Set-up Firm
Top Executive: Shirl Penney
Brilliant move by HighTower designed to be proactive and responsive to the needs of the advisor in ways our largest institutions can not respond.
The not well kept secret in advisory services is the major firms have self selected not to serve the professional (fiduciary) standing of the advisor. In the absence of large scale institutional support for fiduciary standing—the individual advisor can not achieve scale, nor has access to expert prudent investment processes, advanced technology, work flow management and more sophisticated approaches to portfolio construction which make advice (fiduciary standing) safe, scalable, easy to execute and manage as a high margin business at the advisor level.
HighTower may be the first firm to harness the free market forces at work which supports the best interest of the investing public, the professional standing of the advisor and how its services translates into attractive margins at the advisor level as a business.
The industry’s approach to portfolio construction is shifting from a pricing structure that supports expensive brokerage overhead geared to product sales where it is not possible to determine whether value is added, to pricing that focuses on addressing and managing investment and administrative values in the consumer’s best interest.
In a free market, the consumer will be the arbiter and HighTower wins.