HighTower continued its expansion by poaching a team of advisors from UBS to serve high net worth clients. The team members bring a total of 60 years experience of serving affluent customers.
According to the company, Andrew Morse and his associates, Justin Towey and Bob White were named Managing Directors of the company. While Morse has more than 25 years of experience dealing with high net worth clients, Towey and White have more than 20 years of combined experience in the wealth management industry. Two other senior members, Pamela Tang and Maja Janko, also will be part of the HighTower team.
“Each of the managing directors will be responsible for supervising their billion dollar practice,” said Elliot Weissbluth chief executive officer of HighTower in a phone interview. “Their commitment to placing their clients’ interest first and impressive industry experience brings significant value to our firm.”
According to the CEO, the expansion picked up steam over the past couple of years and the transition support offered to wirehouse advisors played a crucial part in those efforts. “This is the 15th transaction HighTower has done in the last 23 months [and] there’s more in store since there’s a robust pipeline infront of us,” Weissbluth said.
The new team selected Fidelity Institutional Wealth Services s its principal custodian, the company said in a press release. “The more sophisticated wirehouse advisors are appropriately focused on an easy transition and improving their ability to deliver to their clients,” said Mike LaMena, chief operating officer of HighTower.
“At HighTower, advisors aren't captive to the firm's desks, investment bank, or selection of products,” Morse said in the press release. “We have the flexibility to access a much greater choice of Wall Street firms and independent providers, selecting from the entire investment universe.” Morse will operate as a special advisor to the CEO and will assist with the strategic development of the firm’s expansion plans.
A company spokesperson added that the team started immediately after leaving UBS on July 30.