HighTower, which has shifted from buying firms and hiring brokers outright, has made a “significant equity investment” in Lexington Wealth Management in Massachusetts.
Firm under new private equity ownership has shifted from recruiting wirehouse brokers to owning small advisory practices.
Fueled by its private equity recapitalization, the Chicago-based aggregator of RIA firms inks its biggest single-office deal since its founding.
James Pupillo, who joined the “rollup” in 2012 from Morgan Stanley’s “institutional” Graystone unit, sets up independent RIA on even of HighTower’s transition to new owner.
Under new ownership structure, the RIA “rollup” formed to lure top wirehouse brokers loses national sales head Kim Papedis and the high-profile “chief branding strategist” it hired last summer.
California advisor David Bahnsen, after making waves about pardoning Michael Milken, says GOP tax plan is a mess for individuals.