HighTower wins big UBS team and clinches 'critical mass'
The Chicago-based aggregator is breaking even and signing leases for more office space in three cities
Jeff Spears
HighTower is on fire!
Brooke Southall
It would hard to argue that HighTower isn’t on fire right now. Smoke [office leases being signed] and flames [big teams signing on] are both apparent.
I have continually asked advisors, consultants and other industry observers what accelerating force is sending the flames higher. The answers are typically long and not easy to summarize. Andy Morse made a comment about how HighTower has the feel of the old Wall Street firms — before they became [my words] amorphous, CYA corporations.
What I take this to mean is that the aggregator has struck a balance between contradictory needs. Advisors want the sense of autonomy and individuality that comes from being a member of a smaller organization. They also crave the sense of security and omnipotence of being part of something with some heft and firepower.
HighTower’s growth seems to be aided by giving advisors a sense they are part of a small worthy club. But its platform, team of advisors and managers are impressing prospects that they have more than enough scale to compete with anyone.
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