HighTower announced Monday that a former Merrill Lynch advisor team—The Andriole Group of Madison, Conn.—has joined the Chicago-based HighTower partnership, the second such advisor transition this month, the first from Connecticut and the 40th since HighTower was founded in 2008.
The Andriole Group, which ranks 10th in Barron's current top advisor listing in Connecticut, manages $700 million in high-net-worth client assets. Nine Andriole Group principals, advisors and administrative personnel, including Charles Andriole, are making the move to HighTower.
Barron's listing puts the typical client account at Andriole at $3.5 million, with the typical client's total net worth at $7.5 million. In addition to Andriole, three other principals have become partners and managing directors at HighTower: Geoffrey Gregory, Robert DeLucca and Matthew Montana.
In an interview, Andriole said that the decision was prompted by the firm's mantra that taking care of clients now and in the future will ensure the firm's own success. "We did a lot of due diligence on what would be best" for the firm and its clients, he said, and "we became absolutely convinced that the HighTower model was in our clients' best interests."
Andriole said "we want to spend our day taking care of our clients," so HighTower's presence as a national firm with a strong infrastructure, with "deep operational resources," its multicustodial model, its compliance support and its "unbiased research and analytical tools" helped lead to its choice.
Another factor in the decision was HighTower's partnership model, in which partner firms help decide which products or technology the entire firm should offer. "I'm familiar with a number of firms that have transitioned to HighTower," Andriole said, "and we do have an interest in being part of something bigger, and making contributions. We're very excited about the synergy of collaboration" at HighTower.
Prior to Andriole, the last team to join HighTower was Klein Wealth Management, based in Melville, N.Y., and led by Peter Klein, who was formerly a UBS advisor and whose team specializes in providing tax-efficient strategies for high-net-worth clients and private foundations, with a focus on philanthropy.
When Klein's joining was announced Nov. 11, Mike Papedis of HighTower said in a statement that "When Peter and his team made the decision to join HighTower, we mobilized our deep resources during what has typically been a quiet time for advisor movement."
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