HighTower Wins $365 Million RIA
Securities America has lost an RIA with $365 million in client assets to competitor HighTower, a press release announced. Bradley Bofford, managing director and partner of the exiting RIA Financial Principles LLC, says the firm left for HighTower because of HighTower’s strong platform and capabilities. The press release notes a recent Aite Group study highlighting the importance of strong technology and support backbones, as RIAs buoyed by good systems see the size of their businesses significantly increase.
Before deciding to join HighTower, Financial Principles evaluated all its options including going fully independent, Bofford says. But they ultimately decided to join Hightower because of its commitment to the fiduciary standard, Michael Flower, managing director and partner of Financial Principles, says. The Financial Principles team is made up of Bofford, Flower, and partner Daniel Trout.
The recruitment of Financial Principles adds to HighTower’s recent wins, including bringing on $4.5 billion wealth management team Salient Partners. At the time, Salient Chairman and CEO John Blaisdell said Salient moved to HighTower to extend its footprint and resources.
FAs at Securities America have also recently been enticed to leave following a deal from LPL of 50 basis points to representatives willing to make the switch. Advisors making the switch traditionally received between 25 to 35 basis points.