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Hightower, like Envestnet and Orion Advisor Options only some days earlier, stated it was chopping jobs.
In Hightower’s case, about 5% of the Chicago-based registered funding advisor’s workers are affected, an organization spokesperson stated Wednesday.
The layoffs have been “throughout the company group” however “not advisors,” and there have been no modifications among the many agency’s executives as a part of these “latest inner changes,” in response to the spokesperson.
“It’s essential to make clear that these choices have been made as a part of our ongoing strategic realignment, aimed toward optimizing our assets and making certain the long-term success of our enterprise,” the Hightower spokesperson stated.
The spokesperson added: “We stay assured in our monetary stability and are dedicated to delivering distinctive service to our shoppers throughout the Hightower neighborhood as we transfer ahead.”
Hightower, which as of June 30 had about $131 billion in belongings below manamgement, has introduced a number of RIA acquisitions and investments in 2023.
In August, the corporate stated it facilitated a sub-acquisition on behalf of Highland Personal Wealth Administration, its advisory enterprise primarily based in Bellevue, Washington, with Trellis Advisors, an RIA primarily based in Ellensburg, Washington, with over $470 million in AUM.
In late Could, the corporate stated it acquired RIA Vigilant Wealth Administration, a full-service wealth administration enterprise with places of work in Portland, Maine, and Portsmouth, New Hampshire, that manages about $2.3 billion in shopper belongings throughout 500 households.
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