Financial Planning > Behavioral Finance

HighTower Adds $500M Group From UBS, Merrill: Recruiting Roundup

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HighTower says Resolute Investment Advisors is joining it in Colorado Springs, the seventh team to come on board its partnership this year.

The team manages roughly $500 million in client assets, and includes three advisors formerly with UBS (Todd Baker, Bradley S. Harvey and Jack T. York) and one who used to be with Bank of America-Merrill Lynch (James R. Young III).

“The HighTower platform supports entrepreneurial advisers who want to leverage our sophisticated investment solutions and the collective wisdom of our community,” said Kimberly Papedis, head of national sales for HighTower, in a statement.

Recently, HighTower acquired Houston-based WealthTrust, adding $6.4 billion in client assets, and launched HighTower Buffalo.

Meanwhile RBC Wealth Management says it has recruited an all-female financial advisor team with $375 million in client assets from UBS: the Schusterman Mazzone Group of Midtown-New York,

“RBC Wealth Management is focused on creating a diverse workforce by bringing more women financial advisors to the firm,” said John Moran, director of the Midtown complex, in a statement. “Tracey Schusterman and Rosa Mazzone are industry leaders who have had an incredible amount of success by developing strong, long-term relationships with their clients and working with them to meet their needs and objectives.”

LPL Financial says South Carolina-based firm Lighthouse Wealth Advisors of Charleston has joined its broker/dealer and registered investment advisor (RIA) platforms. Lighthouse had about $178 million of client brokerage and advisory assets, as of Jan. 2.

The group was started by Wes McKenna and includes four other advisors: Clayton Abel, Kit Leary, Christopher Mathwig and Bobby Parham. It was previously working with Nationwide Securities, according to FINRA BrokerCheck.

“It was important for us to find a broker/dealer that could support our business model and provide access to a robust offering of fee-based products,” said McKenna, in a statement.

“The industry is moving in a way that advisors now need to take a financial planning approach to serving investors’ needs and deepen the value they provide,” explained Steve Pirigyi, LPL’s head of business development. “We certainly understood their desire to evolve their offering so they could better serve their clients’ needs.”

Executive, Board News at Cetera, Wells

The Cetera Financial Group of independent broker-dealers says Maliz Beams is now a member of it’s the board of its parent company, Aretec Group.

Beams has 30 years in the business and was CEO of Voya Financial Retirement Solutions from 2011 to 2015. Earlier, she worked as president and CEO of TIAA-CREF Individual and Institutional Services.

“The addition of Maliz Beams elevates Cetera’s opportunity to benefit from the insight and vision of executives who have tackled tough challenges and driven strong results throughout their careers,” said Cetera CEO Robert Moore/

“I am also very pleased that she upholds the board’s commitment to enhancing and promoting best practices in corporate governance in our industry,” Moore added.

Recently, Cetera said that Los Alamos National Bank will move its retail wealth management program to the Cetera Financial Institutions’ platform, “with additional assets expected to be on-boarded in the coming months,” according to the company.

Based in New Mexico, LANB has current assets of more than $1.4 billion.

The new partnership means Los Alamos can tap into multiple fee-based wealth management offerings “to grow and operate more effectively in response to rising investor expectations of fiduciary care,” the firms said in a press release.

LANB has six financial advisors that have about $85 million in brokerage assets.

The bank “shares Cetera’s commitment to transform how financial advisors guide individuals and families of all stages of life to achieve financial well-being,” said LeAnn Rummel, president of Cetera Financial Insitutions, in a statement.

“The creation of an advice-centric experience is more vital than ever before, given ongoing market and regulatory uncertainties, combined with the rapid and continued pace of technological change within the financial advice space,” Rummel explained.

Cetera Financial Group includes Cetera Advisors, Cetera Advisor Networks, Cetera Investment Services (marketed as Cetera Financial Institutions), Cetera Financial Specialists, First Allied Securities, Girard Securities, and Summit Brokerage Services

Meanwhile, Wells Fargo says it has promoted Alberto Gonzalez Saint Geours to the post of regional president for International Private Client Services (IPCS). In this role, he will have be in charge of IPCS branches in New York, Miami, and Weston, Florida. Additionally, Alberto will have joint responsibility for all international private client business within Wells Fargo Advisors (WFA). 

Prior to joining WFA in 2011, Gonzalez Saint Geours led the Latin American High Net Worth Segment for Citi Private Bank.

In addition, Andy Byeris the new regional leader for the Gateway Region of Wells Fargo Advisors. Steve Nash is now head of the Eastern Region.