Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Industry Spotlight > Broker Dealers

HighTower Names Bob Oros CEO

By Janet Levaux

X
Your article was successfully shared with the contacts you provided.

Two months after industry speculation that HighTower Advisors planned to name former HD Vest CEO Bob Oros as its new chief executive, the RIA consolidator announced the hiring news on Monday.

With Oros’ appointment to the CEO slot, company founder Elliot Weissbluth will become board chairman, and current Chairman Gurinder Ahluwalia will transition to lead director.

“I am delighted to welcome Bob, whom I have known for many years, and am looking forward to supporting him as he leads the company during this exciting period of growth in our industry,” according to Weissbluth. “Bob’s strong leadership abilities and track record of growing companies make him an ideal fit to lead HighTower in its second decade.”

HighTower, which was founded in 2008 in Chicago, has $60 billion in client assets and 92 advisor teams. Since mid-2017, it has added large groups like WealthTrust and Salient Private Client, and it obtained $100 million in funding from private equity firm Thomas H. Lee, which acquired a large stake in the firm in early 2018.

The firm, as well as some industry watchers, say that Oros’ job is “growing and scaling the company.”

Chip Roame, head of the consultancy Tiburon Strategic Advisors, believes Oros is up to the challenge, given that the executive “ran the RIA segment at Fidelity before moving to HD Vest, … and before that he was at Fidelity, he had been successful at Trust Company of America, LPL Financial and Schwab.”

Thomas H. Lee will likely be “pushing for growth and an IPO,” given that HighTower moved to go public earlier and then “stepped back” from that move, Roame explained in an interview in November.

On Oct. 31, HD Vest parent company Blucora said Oros was set to leave the helm on Nov. 15 “for personal reasons” but remain a consultant.

According to HighTower, Oros plans to move his family from Boston to Chicago after the school year ends. He finished his consulting work for HD Vest on Dec. 31.

— Check out Is HighTower Advisors Tapping Oros as CEO? on ThinkAdvisor.

Janet Levaux

@Think_JanetL

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.