Hightower is the newest participant within the RIA area to downsize as a lot of workers had been let go at the moment, in keeping with the Chicago-based agency.
In an announcement, a Hightower spokesperson referred to the “latest inside changes” on the firm in describing the strikes. The spokesperson stated about 5% of Hightower’s workers could be affected. There have been no modifications on the government stage, the spokesperson stated.
“It’s vital to make clear that these choices had been made as a part of our ongoing strategic realignment, geared toward optimizing our assets and guaranteeing the long-term success of our enterprise,” the spokesperson stated. “We stay assured in our monetary stability and are dedicated to delivering distinctive service to our shoppers inside the Hightower group as we transfer ahead.”
The information of the layoffs comes within the midst of a busy 2023 for the Chicago-based Hightower, which incorporates about 135 advisory companies in 35 states and the District of Columbia, with managed belongings totaling about $131 billion. The agency has 1700 workers and 777 advisors, in keeping with its most up-to-date Kind ADV.
In June, Hightower bought the $3.2 billion Vigilant Wealth Administration, an RIA based mostly in Maine and New Hampshire working with about 500 households. The agency continued its northeast enlargement by saying its buy of the $1 billion AUM Mass.-based RIA Boston Hill Advisors one week later.
Additionally in June, a 14-person crew in Houston left Avidian Wealth Options to launch Presidio Wealth Companions, whereas Meyer Capital Group, a $1.6 billion agency based mostly in New Jersey and Florida, additionally joined Hightower. The 2 offers totaled greater than $3.2 billion in managed belongings.
In July, Hightower acquired GMS Surgent, a Philadelphia-based CPA agency specializing in tax recommendation and technique for rich shoppers and companies. Lately, the agency facilitated a sub-acquisition for the Wash.-based Highland Personal Wealth Administration of Trellis Advisors, which introduced Highland’s complete AUM to $1.9 billion.
Simply final week, the advisor expertise agency Envestnet grew to become the newest sufferer to anticipate company-wide layoffs, although numbers weren’t instantly recognized. Moreover, Orion revealed job cuts of its personal, with an Orion spokeswoman saying the layoffs had been the “remaining motion” of bringing a lot of groups collectively from earlier acquisitions (the Orion layoffs had been first reported by Citywire RIA).