HighTower says an ex-Morgan Stanley (MS) advisor team has moved to the group in Orange County, California, with about $750 million in client assets. The eight-person group is led by David L. Bahnsen and Brian T. Szytel, both certified financial planners.
“David leads an elite advisory practice on a phenomenal growth trajectory,” said Michael Parker, national director of enterprise development, for HighTower in a statement. “The caliber of his team reflects the discriminating process we use for selecting advisors to join the HighTower membership.”
Prior to joining Morgan Stanley, Bahnsen was with UBS (UBS) from 2001 to 2007. Szytel began his career in 2002 at UBS Financial Services before moving to Citi Smith Barney and then to Morgan Stanley in 2008.
“Becoming part of the HighTower community grants our team the opportunity to collaborate with our peers in a sophisticated environment,” said Bahnsen, in a press release. “I am incredibly honored and humbled to join the HighTower membership and take a giant leap forward in our ability to serve our clients.”
The HighTower partnership includes 50 teams with $30 billion in total assets under advisement as of Dec. 31.
An RIA in Savannah, Georgia, has just become a member of Focus Financial Partners: Fiduciary Group, which has some $600 million in assets.
“The Fiduciary Group’s client-centric approach, entrepreneurial spirit and future ambitions for growth make them a natural addition to the Focus partnership,” said Rudy Adolf, founder and CEO of Focus, in a statement. “We have known Malcolm Butler and his team for a number of years, and have been consistently impressed by their ability to attract assets as well as transform from a family-owned business into the leading RIA firm in the Savannah region.”