Peter Lang, a managing director at Strata Wealth Management at HighTower in Harrison, N.
Officer Muskett recalled that the plainclothes agent on duty at the time was Reginald Hightower.
HighTower Advisors, a Chicago-based advisory firm, has been among the major disruptors to the wirehouse channel.
All securities are offered through HighTower Securities, LLC and advisory services are offered through HighTower Advisors, LLC.
In the last year alone HighTower added 10 new advisor teams, and a total of 37 since inception.
Meantime, Ms. Hightower said, she hopes track and field's worst days are behind.
After paying their own expenses, they are typically left with 70% to 80% of their revenue, which they split with HighTower.
Larry Gilbert, 40, was a heavy hitter in Goldman Sachs' private wealth group in Chicago before he joined HighTower in February 2009.
Advisors who join also get a piece of the Hightower equity pie.
Two or three Hightower advisors will fly out to Chicago headquarters to spend time with a prospect who is visiting the home office.
Another draw is that its advisors own 25% of the equity of HighTower and have a real say in how things are run.
For those still denying the shift of financial advisors (and their assets) leaving Wall Street for the independent world look no further than Hightower Advisors.
The lawsuit, filed in New York state court in Manhattan, is the first time a big Wall Street firm has sued investment managers headed to HighTower.
Weissbluth co-founded Hightower in 2008 with the backing of big shots like David Pottruck and Philip Purcell, offering advisors equity stakes and freedom from conflicts of interest.
Ms. Hightower said she was willing to consider the U.K.'s new model, in which government funds compensate athletes, reducing the pressure to race before the Olympic Games.
Gregory Sarian, who founded the group in 1997, joined Merrill in 1993 and attributes the move to Hightower to the fiduciary relationship his team can now offer clients.
Morgan Stanley says they had been plotting this exit for some time and solicited customers to follow them to HighTower while they were still working for Morgan Stanley Smith Barney.
One strategy: Sell off some company stock and put the proceeds into a diversified stock portfolio, says John Verfurth, a partner at HighTower Advisors' VWG Wealth Management team in Vienna, Va.
"There's a lot of money looking for a home and people are finally deciding the bond market is done and moving money into equities, " said Edward Simmons, managing director of Maine-based financial advisors HighTower.
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The Morgan Stanley, Citigroup joint venture sued five prominent wealth managers this week who had recently bolted for HighTower Advisors, an upstart Chicago firm that has lured top talent away from the big banks.
Hightower CEO Elliot Weissbluth founded the firm for successful wirehouse advisors looking to move to an independent firm and still receive the support of a big firm without all the negative press and conflicts of interest.
HighTower shall not in any way be liable for claims and make no expressed or implied representations or warranties as to their accuracy or completeness or for statements or errors contained in or omissions from them.
The tension between Merrill and HighTower has been building over sometime as the later has been successful in recruiting a significant number of successful brokers out of one of the most storied Wall Street brokerages in the game.
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While not the kind of publicity the organization expected from the trials, "What is indisputable is that, for better or worse, the eyes of the sporting world, and the global media, were on track and field, " Ms. Hightower wrote in a blog.
HighTower brokers also run their own profit-and-loss statements, so instead of keeping 30% to 40% of gross fee production in W-2 earnings, they reap the benefit of all revenue associated with their clients, including interest spreads earned by lending idle cash in cash-rich accounts to other clients buying on margin.
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