Bob Oros, the previous CEO of the Blucora-owned dealer/supplier HD Vest, formally took the helm of HighTower Advisors on Monday morning.
The $60 billion registered funding advisory agency reportedly employed him to be its new CEO in November of final 12 months, however Oros advised WealthManagement.com an settlement was not reached till after that.
Oros replaces the RIA's founder, Elliot Weissbluth, who stated in August he would step down as chief govt as soon as a substitute was discovered. Weissbluth will now be the chairman of the Chicago-based agency’s board.
The change was a part of an current long-term plan for management on the agency to assist its development and seize market share, Weissbluth stated. To finest capitalize on the consolidation within the RIA channel, the agency wanted to increase the management crew and “with the intention to try this, we have to usher in a CEO.”
Oros joined HD Vest, a Texas-based, tax-oriented wealth administration agency, in January 2017 however introduced final fall he supposed to depart the corporate to be nearer to his household in Michigan. On the time, he was commuting between Boston and Texas. Shortly after he introduced his resignation, an govt search agency approached him in regards to the place at HighTower, a job with a much more manageable commute to Chicago, he stated.
Along with private causes, Oros described the highest place at HighTower Advisors as a fascinating one, with a agency supported by business tailwinds of which he was already acquainted. “There aren’t many $60 billion RIAs out there and it’s actually type of uncommon agency,” he stated.
Since its founding in 2007 as a turnkey touchdown place for so-called wirehouse brokers concerned about beginning their very own unbiased RIA, HighTower Advisors has accrued about $60 billion in belongings beneath administration. It is one of many fastest-growing consolidators of advisory corporations and offered a $100 million stake in itself to personal fairness agency Thomas H. Lee Companions in 2017.