HighTower says a group formerly working with Wells Fargo Private Bank is now using its platform: Fortress Wealth Planning, which has about $1 billion client assets, recently came on board with advisors Michael Skowfoe, Eileen Ortega, Jay Rolfe and Jim Williams. (Skowfoe has 18 years in the industry.)
“The fiduciary standard is the foundation of the HighTower culture and business model,” said Michael Parker, chief development officer for HighTower, in a statement. “HighTower offers independent business owners like the team at Fortress Wealth Planning a likeminded community, unparalleled resources and unwavering dedication to the best interests of clients.”
In 2016, HighTower said 14 new teams with about $4 billion in assets in six states joined it. The firm now has 67 teams and offices in 26 states.
Focus Financial Partners says one of its partner firms, the Colony Group, has completed a merger with Jones Barclay Boston, a registered investment advisory firm based in Denver with about $343 million in assets.
This deal marks Colony’s sixth transaction since joining the Focus partnership in 2011. The deal will “expand Colony’s practice supporting those in the professional sports and entertainment industries,” according to a press release, and allow the firm to open its first office location in the West.
Colony became part of Focus Financial in 2011. Since then, it has made five strategic transactions—adding five offices and more than doubling the number of employees.
“We are delighted to have the Jones Barclay Boston team join us,” said Michael Nathanson, Colony’s Chairman and CEO, in a statement. “This merger brings key talent to our firm in a new geography, while also allowing us to launch what we believe will be a best-in-class professional athlete and entertainment practice.”
The Colony Group— an independent, fee-only, financial advisory firm—has roughly $5.5 billion in assets and 100 employees in Massachusetts, New York, Virginia, Florida and Colorado.
“The two firms share common values and a commitment to growth and exceptional client service, and complement each other in their geographic expansion and service offerings,” said Rudy Adolf, CEO and founder of Focus, in a press release.