HomeWealth ManagementHightower Faces Layoffs As Company Touts “Strategic Realignment”

Hightower Faces Layoffs As Company Touts “Strategic Realignment”

Hightower is the newest participant within the RIA house to downsize as numerous staff have been let move lately, in line with the Chicago-based company. 

In a commentary, a Hightower spokesperson referred to the “contemporary interior changes” on the corporation in describing the strikes. The spokesperson stated about 5% of Hightower’s workforce can be affected. There have been no adjustments on the government stage, the spokesperson stated.

“It’s necessary to explain that those selections have been made as a part of our ongoing strategic realignment, aimed toward optimizing our assets and making sure the long-term good fortune of our trade,” the spokesperson stated. “We stay assured in our monetary steadiness and are dedicated to handing over remarkable provider to our shoppers throughout the Hightower group as we transfer ahead.”

The inside track of the layoffs comes in the course of a hectic 2023 for the Chicago-based Hightower, which contains about 135 advisory companies in 35 states and the District of Columbia, with controlled property totaling about $131 billion. The company has 1700 staff and 777 advisors, in line with its most up-to-date Shape ADV.

In June, Hightower bought the $3.2 billion Vigilant Wealth Control, an RIA founded in Maine and New Hampshire operating with about 500 families. The company endured its northeast enlargement by means of pronouncing its acquire of the $1 billion AUM Mass.-based RIA Boston Hill Advisors one week later.

Additionally in June, a 14-person workforce in Houston left Avidian Wealth Answers to release Presidio Wealth Companions, whilst Meyer Capital Crew, a $1.6 billion company founded in New Jersey and Florida, additionally joined Hightower. The 2 offers totaled greater than $3.2 billion in controlled property. 

In July, Hightower obtained GMS Surgent, a Philadelphia-based CPA company that specialize in tax recommendation and technique for rich shoppers and companies. Just lately, the company facilitated a sub-acquisition for the Wash.-based Highland Non-public Wealth Control of Trellis Advisors, which introduced Highland’s overall AUM to $1.9 billion.

Simply closing week, the guide era company Envestnet become the newest sufferer to be expecting company-wide layoffs, although numbers weren’t straight away recognized. Moreover, Orion published activity cuts of its personal, with an Orion spokeswoman pronouncing the layoffs have been the “ultimate motion” of bringing numerous groups in combination from earlier acquisitions (the Orion layoffs have been first reported by means of Citywire RIA).



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