Bob Oros, who surprised many by stepping down as CEO of HD Vest Financial Services after less than two years in the role, has surprised the financial advisor community yet again by departing the firm about three months earlier than originally announced to take on the top role at HighTower Advisors.
“HighTower was looking for an earlier start,” says a spokeswoman at HighTower.
Oros had left the CEO role at the end of October, saying that he needed to care for an ill family member. He had
At HD Vest, Oros had been traveling frequently between Irving, Texas, where HD Vest is based, and his home in Boston. When his mother, who lived in Michigan, became ill, the travel became too much, Oros says.
“Commuting that distance as a long-term solution isn’t fair to the business, or frankly to me personally,” he says. “As a leader you need to be present.”
HighTower is based in Chicago, which makes travel more convenient. The decision to leave HD Vest was not related to any dissatisfaction with the company, says Oros.
Oros' decision to step down as HD Vest CEO was
“I'm glad that Bob has been with us,” said Blucora CEO John Clendening, responding to an analyst’s question during the earnings call. “We thank Bob for his work here, but understand his need to put his family first and be closer to home.”
Oros says, “My departure, which was on very good terms, was purely for personal reasons.”
An HD Vest spokeswoman did not respond to a request for further comment.
Two weeks after the earnings call, sources told Financial Planning Oros was in talks about the position at HighTower. Oros says those reports were purely gossip. He would not specify when HighTower first reached out.
As CEO of HighTower, Oros will focus on growing and scaling the company as well as building value for advisors, employees and investors, according to the firm.
-
Bob Oros is a leading candidate to head the RIA, but he, or any other successor, will be under “super pressure” from the firm’s owners.
November 14 -
Weissbluth will step down as CEO and become chairman.
August 20 -
The advisory firm left Securities America to make the move.
June 5
The company’s founder and former CEO, Elliot Weissbluth, is transitioning to chairman, according to the firm. Gurinder Ahluwalia, the former chairman, will become lead director. Ahluwalia is the executive advisor at Thomas H. Lee Partners, the PE firm that purchased a majority stake in HighTower last year with a $450 million investment.
The CEO’s position at HighTower
Oros declined to comment on whether the firm would pursue an IPO in the future. “I think we will position the firm over the coming years to have a number of different options available to it,” he says.
The new CEO will also be responsible for navigating acquisitions.
“Our pipeline is very strong and growing,” he says, although he would not give specifics.
Keeping HighTower advisors happy and on board will need to be a priority for Oros, too.
Some of HighTower’s high-profile teams have been departing the firm recently, including the
Oros says his strategy will involve listening to teams’ needs. “When you do that, I don’t think you have to worry about retention,” he says.
Oros’ track record as CEO of HD Vest is strong. In a little over a year, he was responsible for
If Oros withstands the pressures that lie ahead at HighTower, “I look at this as being my last stop,” he says.
But staying put is not part of his track record.
After nine years at Schwab, he moved in a little over a decade from LPL Financial, to Trust Company of America, Fidelity Investments, and most recently HD Vest, according to his LinkedIn profile.
Will HighTower be the last big career move?
“I’m on Day No. 2 and I feel awfully good,” he says.
