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November 14, 2018 at 01:22 PM
News that HD Vest CEO Bob Oros is reportedly being tapped by HighTower Advisors to take over as its CEO, remains unconfirmed as of Wednesday morning.
“The search for a new CEO is underway as Chicago-based HighTower works to identify the right leader for the company’s next phase of growth,” according to a statement from HighTower, an RIA consolidater. “Under the present leadership of Elliot Weissbluth, HighTower continues to accelerate the firm’s M&A effort and reinforce its position as the premier player in the fast-growing independent advisory space.”
The potential move of Oros to HighTower was first reported by AdvisorHub on Tuesday.
In August, HighTower, which works with more than 190 advisors who have $55 billion of client assets, said co-founder Weissbluth would move into the chairman slot after a new CEO is tapped.
About two months later, HD Vest’s parent company BluCora said Oros would be leaving the helm on November 15 “for personal reasons in order to be closer to his family” in Boston, though Oros planned to stay on as a consultant through March.
(Related: 4 Questions for CEO Candidates)
Industry watchers like Chip Roame of Tiburon Strategic Advisors say that while Oros could be a good fit, it “feels like an odd report” that he was leaving for family reasons if in fact the move was for a new job.
“Bob is a capable executive who has had numerous relevant experiences,” Roame said. “He ran the RIA segment at Fidelity before moving to HD Vest …. Before he was at Fidelity, he had been successful at Trust Company of America, LPL Financial and Schwab.”
Alois Pirker, who heads wealth-management research for the Aite Group, said: “I have not heard anything to confirm [the Oros move to HighTower], though I can confirm they are searching for a CEO.”
In an interview, Pirker explained the he “could see Bob in that role, … and he certainly is a good candidate, without question.”
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