Page 29 - Investment Advisor October 2022

well as strategic and management control of, the business.” Pacific Northwest, Hightower doesn’t view geography as a key
Although Highland is an RIA, “post-transaction it will join factor” in deciding whether to do an M&A deal with an advisory
Hightower’s RIA so its assets will move to Hightower’s ADV,” firm, Oros explained. “What Hightower looks for in an advisory
Oros pointed out. Highland, which has 18 employees, including business is a strong management team and bench of next-gen
five advisors, offers wealth counseling, investment management leaders, a history of robust organic growth, a diverse roster of
and financial planning services to executives, professionals, busi- clients and close cultural alignment with Hightower’s focus on
ness owners, wealth beneficiaries and other HNW households. helping clients find fulfillment in all aspects of their lives.”
Describing Highland as a “high-growth organization with a “At Highland, we believe in acting as the central ‘wealth con-
strong bench of multi-generational leaders and a differentiated fidant’ to clients, providing them with deep financial knowledge
approach to client service,” Oros said in a statement: “There and specialized coaching to help them connect their money to a
is a real synergy between Highland and Hightower, cultur- life of meaning and purpose,” according to John Christianson,
ally and philosophically. Highland recognizes that the world Highland CEO and founder. “Our strategic partnership with
is changing. They are forward-thinking in the way they’ve Hightower — which includes access to institutional-level value-
evolved their offering to meet their clients’ total life needs.” added services, operational scale and support — is a key step in
Although the deal “expands Hightower’s presence in the advancing how we serve our clients and grow our business.”

More than 40% of firms are expanding solutions to remain 5. The Art of Building Relationships
competitive, according to the BNY Mellon Pershing Elite The industry of financial advice is a human capital business —
Advisor Poll conducted earlier this year. The top additions people are the most important asset outside and inside the firm.
include alternative investment and direct indexing/tax opti- In the post-pandemic world, the way in which humans engage
mization, followed by digital assets/crypto, according to the has evolved. Hybrid, remote and in-person are all realistic options,
multibillion-dollar firms polled. and regional and demographic preferences have emerged.
Advisory firms need to be incredibly clear about how they The key to success will be flexibility and awareness of
differentiate the client’s experience, the outcome that they which engagement models work best for each advisory firm
provide and what makes them special from the firm down the team and their clients. While more of the day-to-day con-
street that is selling the exact same thing. versations may take place virtually, thanks to accelerated
adoption of video conferencing and chat technology, human
4. Capacity for Growth interaction has become appreciated on a deeper level.
The competition for talent in the advisory community has Advisory firm leaders take note — the old adage of absence
never been more fierce. It is no surprise that nearly 40% of makes the heart grow fonder may be the unofficial motto for
respondents to the Elite Advisor Poll reported that retention advisor-client relationships during this time. A thoughtful
was the top people focus. approach to which engagements are in person versus virtual
Regardless of firm size, AUM or location, it all comes down can have a huge impact on the success of your business.
to culture and flexibility. Firms must strive to be employers The future of financial advice is being defined by moves
of choice while providing a differentiated experience for both made today. We’re in a true bull market, with an oversupply
their employees and their clients. of investors eager for advisor support to navigate complex
Do employees feel they’re part of something bigger — financial situations. Advisors who can strike that artful bal-
whether they’re walking through the firm’s door or signing ance of engagement on a human level, paired with intuitive
on to their next video conference call? Is there a sense of technology to enhance their relationship, have a tremendous
community and empathy, with the added flexibility to work, opportunity ahead.
collaborate and learn in a way that will help employees and
clients thrive? Ben Harrison is a managing director and member
It’s become even more important for employers to have of the Executive Committee for BNY Mellon’s
empathy in how they help their employees manage the Pershing and co-head of Pershing’s Wealth
intersection of their personal and professional lives. If talent Solutions segment, which serves wealth-
can see, feel and experience that dynamic, the decision to oriented broker-dealers, registered investment
join a new firm or stick with a current employer will be that advisors and trust companies, and the evolving
much easier. and converging needs of these clients.

OCTOBER 2022 INVESTMENT ADVISOR 27