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HighTower picks up $6.4-billion roll-up on the cheap but the valuation may reflect WealthTrust's stagnant growth and profitability

The Chicago roll-up gets an embattled league of RIAs for about $70 million by persuading its financiers to double down and private equity owners to suck it up

Author Brooke Southall April 13, 2017 at 11:35 PM
2 Comments
no description available
Sagar Kurada: Our new facility will allow HighTower to fund additional acquisitions.

Dan Seivert

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David Devoe

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Liz Nesvold


Jeff Spears

Jeff Spears

April 14, 2017 — 10:05 PM
Rolling up RIAs and rolling up breakaway brokers has more similarities than most think. Both groups position their business using a "customized client solution" montra. After peeling back the onion though the foundation of most wealth managers is remarkably similar. Easier to integrate though when you own them.
FAA

FAA

April 15, 2017 — 12:59 AM
I wonder how profitable this entire 'industry' is. The allure has been this mega public offering where everyone makes $$ and all is good in the world. We beat those big bad banks and wire joints...did it for America!. No one has gotten there and frankly it has been a while. Have these firms proven the model- not the hype? Seems like a lot of 'Big Hats No Cattle' stuff

Related Moves

March 25, 2023 at 1:32 AM

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

As Bob Oros-led HighTower reboots, it bags an ex-Goldman RIA, hires two, makes a CMO imminent, and clarifies mission

The new CEO will need to somehow weave together the debris of the first roll-up run and the new one to the satisfaction of RIAs and the hundreds of people already inside the HighTower umbrella

March 20, 2019 at 11:32 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


Mentioned in this article:

DeVoe & Company
Consulting Firm
Top Executive: David DeVoe

Silver Lane Advisors
Mergers and Acquisition Firm
Top Executive: Elizabeth Nesvold



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