Chicago-based HighTower announced Tuesday that Blanke Schein Group joined the firm. Blanke Schein, based in Palm Desert, Calif., is the second financial advisor team from the area in the past month to join forces with HighTower, which serves high-net-worth and institutional clients. Early in May the Amidei Romano Group joined the fold; the two new advisor teams are the largest in the area.
Blanke Schein is led by William F. Blanke, Robert L. Schein and J. Michael Shields, all of whom will serve as partners and managing directors at HighTower. Blanke has 37 years of experience in the financial services industry, including 20 years with Morgan Stanley Smith Barney (MSSB), 17 of which he spent as a branch manager. Schein has more than 20 years of experience as an investment professional; he spent the last 10 years at MSSB and the previous decade at American Express Financial Advisors, Merrill Lynch and Dean Witter. Shields spent three years with Morgan Stanley Smith Barney.
Kevin Geary, director of business development for HighTower on the west coast, said in a statement, “Wall Street’s model is now designed to maximize the profits it earns off of each client. Our model is designed to maximize the amount of choice and competitive access our clients can get. Rick and Rob and their team are keenly focused on doing what is right for their clients and the HighTower model allows them to do just that.”
Mike Papedis, HighTower’s managing director of business development, said in a statement, “The Blanke Schein Group delivers more than 50 years of investing and wealth management experience serving individuals, families and businesses. We are thrilled to welcome the group to HighTower’s growing partnership of elite advisors. This is the second large advisory team to join us in Palm Desert and we expect to expand our California presence over the next year.”