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JPMorgan Loses $500M Advisor Team to HighTower

By Alex Padalka October 6, 2017

A wealth practice previously associated with JPMorgan has jumped ship to HighTower, according to a press release from HighTower.

Miami-based True Wealth Advisory Group, led by founder and CEO Marc Shachtman, oversaw $500 million at JPMorgan, according to the press release. Shachtman had been an executive director and senior banker at JPMorgan Private Bank and sat on the company’s Bank Advisory Council, HighTower says. He had been with the firm since 2008, according to BrokerCheck. Before coming to JPMorgan, Shachtman had served as vice president at Goldman Sachs’ investment management unit, advising ultra high net worth clients, according to HighTower. Shachtman says in the press release the HighTower platform met his team’s “needs as financial advisors and independent business owners.”

HighTower has recently been focused on expanding its independent business owner channel, the firm’s head of national sales and platform strategy told FA-IQ in June.

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But the firm recently had some talent drain at the top management level. In August, HighTower’s president, Michael LaMena, left the firm for a chief operations officer post at Bronfman Rothschild. And earlier this month, HighTower lost one of its top recruiters, Michael Parker, to RBC U.S. Wealth Management.