Large independent RIA HighTower announced on Thursday that it will offer two new business lines, HighTower Network and HighTower Alliance, targeted to advisors that are either leaving a wirehouse or have already left a wirehouse.
HighTower Network is a turnkey platform that provides advisors with “a path to independence without the expensive overhead associated with starting and running a practice,” said HighTower CEO Elliot Weissbluth (left). It allows members to use HighTower’s platform and broker-dealer, as well as allowing them to affiliate with the HighTower brand name, while still giving members ”the freedom to manage their own staff and keep control over the day-to-day details of the business.”
HighTower Alliance provides advisors with access to the firm’s platform along with the option to “retain the services of HighTower specialists for additional ongoing advisory services in areas such as legal, HR, technology and marketing,” Weissbluth told AdvisorOne at MarketCounsel’s Member Summit in Las Vegas.
“HighTower Alliance helps advisors with branding, front-office issues like their website, middle-office issues like HR and back-office issues like statements and other mailings,” he said. “It’s completely scalable. It works for a smaller firm of $150 million in assets right up to some of the largest firms in the industry.”
HighTower’s business model, and products like Network and Alliance, proves “wirehouse advisors can become full-service, fiduciary, independent advisors as owners and not have to comprise on the sophistication of what theiy’re able to do when dealing with high-net-worth clients,” Weissbluth added.