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HighTower finds hundreds of millions to cash out itchy shareholders

Thomas H. Lee Partners likes financial firms -- especially ones with big cash flow and potential for operational efficiencies

Author Brooke Southall October 25, 2017 at 3:59 PM
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Elliot Weissbluth remains firmly in place.

Elliot Weissbluth


David Pottruck

Jeff Spears

Jeff Spears

October 25, 2017 — 5:00 PM
You have to give Elliot credit. He has repetitively proven he is a master deal maker.
Stephen Winks

Stephen Winks

October 25, 2017 — 5:15 PM
The fact that THL was to lead disruption in the advisory services business through HighTower is a powerful driver of future success. The Achilles Heel of conventional brokerage is there is no institutional acceptance of expert fiduciary standing for fear that transactional brokers would mutiny. HighTower is comprised of advisors who are conducive to fiduciary duty, thus the potential for a preemptive high value added advisory services value proposition with uncommon scale at predatory pricing relative to brokers. THL may be the champion of advisory services that can capitalize on the brokerage/insurance lobby's opposition to expert fiduciary duty. Elliot Weissbluth has had the patience to see the slow unfolding vision of supporting the best interest of the investing public become a reality, while Wall Street has taken the "retail investor" for granted. If THL can put financial service (asset/liability study, investment policy, portfolio construction, etc.) back into the financial services business which scales, simplifies and streamlines advisory services, it will profoundly impact the industry. SCW
Stephen Winks

Stephen Winks

October 25, 2017 — 5:37 PM
With the brokerage/insurance lobby opposing fiduciary duty and professional standing in advisory services, we may have found an advisory services champion in THL investing in HighTower. HT resolves the Achilles Heel of conventional brokerage, brokers don't want to be accountable for every recommendation for ever recommendation they have ever made. This cultural impediment is resolved by HT being comprised by advisors who embrace fiduciary duty minimizing cultural push back to necessary innovation. BY putting financial services (asset/liability study, investment policy, portfolio construction, performance monitor, etc. authenticated back to statutory fiduciary duty) back into the financial services business, HT simplifies advisory services, advances a preemptive value proposition while streamlining cost relative to conventional brokerage. The clients best interest are definitively served in ways not possible in brokerage. With THL, Elliot Weissbluth has had the patience to find a way to modernize the advisory services business model that will profoundly impact the financial services business. Disruption and innovation at its best for the benefit of all. SCW

Related Moves

March 20, 2019 at 11:32 PM

Elliot S. Weissbluth, Hightower Advisors mastermind, cashes out and vacates chairman role as Pershing's ex-CEO Lisa Dolly takes a board seat

The Chicago rollup's founder got paid better by doing the second-stage exit and the new cast on the Board also includes Bob Oros ascending to chair and Darrell Horn of Green Square Wealth Management joining

February 19, 2021 at 8:58 PM

HighTower gets a new CEO, to be revealed later, as Elliot Weissbluth moves upstairs

Elliot Weissbluth's move upstairs ends an era, as Thomas H. Lee's reign begins in earnest, and Mark Cabezas comes in as M&A head.

September 13, 2018 at 2:21 PM

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Top Executive: Mindy Diamond

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