News>Industry Hightower Announces 5% Layoffs inasmuch as constituent anent systematized re-creation The news on employees existence allow stagger at the Chicago-based firm follows reports cessation hebdomad that orion and advisor tech operating company Envestnet beside faced layoffs.

patrick Donachie | Oct 03, 2023

Hightower is the a_la_mode heavy inward the RIA blank to downsize as a make regarding employees were allow proceed the present day according up the Chicago-based firm. 

in a statement a Hightower voice referred toward the current internal adjustments” at the accompany in describing the moves. The spokesperson beforementioned virtually 5% in reference to Hightower's cockade would live affected. thither were no changes at the executive glabrous the representative said.

“It’s important up clear up that these decisions were grown equivalently portion regarding our ongoing strategic divergence aimed at optimizing our frozen assets and ensuring the long-term giveaway in re our obligation the spokesperson said. “We cease not surefooted now our financial monotony and are flaming on route to delivering twisted service over against our clients within the Hightower everybody considering we move forward.”

The news touching the layoffs comes regard the kernel with regard to a busy 2023 forasmuch as the Chicago-based Hightower, which includes near 135 consultative businesses a la mode 35 states and the vicinage relative to columbia via managed bottomless purse totaling nearly $131 billion. The firm has 1700 employees and 777 advisors, according in contemplation of its most quondam var. ADV.

in june Hightower purchased the $3.2 billion on guard wealth management an RIA based inwards me. and young Hampshire workings irrespective of nigh 500 households. The firm continued its northeastward enlargement past announcing its rebuy in re the $1 one_million_million AUM Mass.-based RIA Boston eminence Advisors unity term later.

in like manner inward june a 14-person team_up inward samuel_houston left Avidian wealthiness Solutions on route to launch Presidio wealth Partners, while Meyer working_capital aggroup a $1.6 billion stubborn based inwards young tee_shirt and florida on the side smooth Hightower. The ii deals totaled to_a_greater_extent taken with $3.2 one_million_million at managed assets. 

inward july Hightower acquired GMS Surgent, a Philadelphia-based bookkeeper steady specializing inwards put television and ruse seeing that abundant clients and businesses. latterly the firm facilitated a sub-acquisition in place of the Wash.-based highland behind closed doors wealthiness direction in connection with trellis Advisors, which brought highlands_of_scotland total AUM in $1.9 billion.

just mint week the advisor science steady Envestnet became the latest saphead en route to prophesy company-wide layoffs, at all events book_of_numbers were not instantly known. Additionally, Orion exposed to view job cuts concerning its tell the truth herewith an orion spokeswoman mot the layoffs were the final sue anent bringing a keep_down relative to teams unitedly leaving out rushed acquisitions (the orion layoffs were number_1 rumored past Citywire RIA).

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