Two large RIAs managing nearly $3 billion have cut ties with HighTower Advisors, but the Chicago-based RIA mitigated the losses by adding several high-profile executives, including a television producer who helped create "Mad Money with Jim Cramer" on CNBC.
Kelly Wealth Management, a $2 billion team that was a HighTower partner, has formed a new firm, Verdence Capital Advisors, in Hunt Valley, Maryland. In Columbus, Ohio, Joel Guth left HighTower's platform business and registered Gryphon Financial Partners, which has almost $1 billion in AUM, as an independent firm.
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