Chicago, IL-based HighTower has added Charles Holt - formerly a senior vice president at Merrill Lynch - to the firm’s Pagnato-Karp group, based in Washington, DC as partner and managing director. 

As a member of the Pagnato-Karp group, Holt will develop and implement advanced planning strategies for clients, including preservation of capital, tax minimization and lifetime cash-flow needs, the firm said.

“Charles embodies the idea that advisors can regain a fiduciary relationship with their clients once they are completely free of the inherent conflicts of Wall Street's larger firms and wirehouses,” said Paul Pagnato, partner and managing director.

Prior to joining HighTower, Holt was senior vice president of investments within Merrill Lynch's global wealth management division.

Earlier this month, HighTower also bolstered its New York City office with the addition of the $1.4 billion HSW advisory team – also latterly of Merrill Lynch - consisting of Kenneth Hoffman, Richard Steinberg and Jordan Waxman.

The trio, who joined as partners and managing directors, serve approximately 50 clients, including families, foundations, endowments, unions and pension plans.