US independent picks up UBS and Merrill Lynch advisers

Chicago-headquartered registered investment adviser (RIA) firm HighTower has picked up an additional US$500 million FUM with the addition of four new advice practices.

In a statement issued this week, HighTower announced the launch of Resolute Investment Advisors, a new team within the HighTower network made up of four individual RIA practices based in Colorado Springs, Colorado.

Baker Wealth Management, Harvey Wealth Management and York Asset Management have each joined HighTower from UBS, while the fourth member of the Resolute team, Young Capital Management, was previously part of the Merrill Lynch network.

“The HighTower platform supports entrepreneurial advisers who want to leverage our sophisticated investment solutions and the collective wisdom of our community,” said HighTower head of national sales Kimberly Papedis.

“Resolute Investment Advisors exemplifies one type of business that the HighTower model is built to serve.”

The recruitment comes as the US advice industry experiences strong momentum towards independent advice channels.

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