HighTower parts ways with -- and doesn't replace -- the dealmaker who has 'worked on more breakaway transactions ... than anyone in the industry'

Elliot Weissbluth's gun-slinging No. 2, Mike Papedis, moves on after HighTower's assets declined, deals waned and the once-loud company took on an indoor voice

Author By Lisa Shidler March 21, 2017 at 9:53 PM

2 Comments

Mike Papedis: I am not interested in working for another firm as employee.

David Devoe

John Furey

Mike Papedis

Advisor Growth Strategies

DeVoe & Co.

HighTower Advisors

Fusion Financial Partners

Jeff Spears

March 21, 2017 — 10:32 PM

The first stage of HighTower's growth is running out of steam so it seems like this is good timing for Mike to leave. The next stage will be worth watching as it has more prospective prospects, current RIAs, who will provide faster and more profitable implementation that brokers.

Advisor Truths

March 21, 2017 — 11:31 PM

One 15 second check of Pagnato Karp's ADV shows 1.1b of AUM. Cross reference this against their current website which now reads "3b of assets under advisment" and you can begin to see what a joke these reported numbers are. Congrats, to them for added another 500m of "advised assets" on top of the 2.5b quoted above. That's a lot of money they are not pulling the trigger on. It's too bad reporting like this perpetuates these misleading asset totals. Anyone hear from Dawn Bennett lately???? Mike is probably bowing out at the right time from this place and going to run a shop based on integrity. Good luck Mike.

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Mentioned in this article:

Advisor Growth Strategies, LLC
Consulting Firm
Top Executive: John Furey

DeVoe & Company
Consulting Firm
Top Executive: David DeVoe