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Hightower is the latest player in the RIA space to downsize as a number of employees were let go today, according to the Chicago-based firm.
In a statement, a Hightower spokesperson referred to the “recent internal adjustments” at the company in describing the moves. The spokesperson said about 5% of Hightower’s staff would be affected. There were no changes at the executive level, the spokesperson said.
“It’s important to clarify that these decisions were made as part of our ongoing strategic realignment, aimed at optimizing our resources and ensuring the long-term success of our business,” the spokesperson said. “We remain confident in our financial stability and are committed to delivering exceptional service to our clients within the Hightower community as we move forward.”
The news of the layoffs comes in the midst of a busy 2023 for the Chicago-based Hightower, which includes about 135 advisory businesses in 35 states and the District of Columbia, with managed assets totaling about $131 billion. The firm has 1700 employees and 777 advisors, according to its most recent Form ADV.
In June, Hightower purchased the $3.2 billion Vigilant Wealth Management, an RIA based in Maine and New Hampshire working with about 500 households. The firm continued its northeast expansion by announcing its purchase of the $1 billion AUM Mass.-based RIA Boston Hill Advisors one week later.
Also in June, a 14-person team in Houston left Avidian Wealth Solutions to launch Presidio Wealth Partners, while Meyer Capital Group, a $1.6 billion firm based in New Jersey and Florida, also joined Hightower. The two deals totaled more than $3.2 billion in managed assets.
In July, Hightower acquired GMS Surgent, a Philadelphia-based CPA firm specializing in tax advice and strategy for wealthy clients and businesses. Recently, the firm facilitated a sub-acquisition for the Wash.-based Highland Private Wealth Management of Trellis Advisors, which brought Highland’s total AUM to $1.9 billion.
Just last week, the advisor technology firm Envestnet became the latest victim to expect company-wide layoffs, though numbers were not immediately known. Additionally, Orion revealed job cuts of its own, with an Orion spokeswoman saying the layoffs were the “final action” of bringing a number of teams together from previous acquisitions (the Orion layoffs were first reported by Citywire RIA).
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