HighTower Seeks New CEO; Predecessor Becomes Chairman

Tom Burroughes

21 August 2018

HighTower, the US wealth management firm, is looking for a new chief executive to take over from founder and current CEO Elliot Weissbluth, who will become the chairman.

The firm, which recently marked its 10th birthday, said that Weissbluth will continue to concentrate on merger and acquisition activity teams and attracting new advisory teams. As part of the changes, Gurinder S Ahluwalia will switch to the position of lead director, continuing to provide strategic and operational guidance to management, advisor teams and the board, the firm said.

In June HighTower brought Financial Principles, a group with $365 million in client assets, onto its platform.

Earlier this year the firm waded into the controversy about the Department of Labor Fiduciary Rule. It branded as “disheartening” recent proposed moves by the Securities and Exchange Commission to create a best interest standard for broker-dealers and curb how brokers can call themselves “advisor”.