HighTower, a financial advisory firm serving high-net-worth clients, has selected Fidelity Investments as the primary custodian for its news $500 million boutique, The Strata Wealth Management Group at HighTower.
Fidelity said it is continuing to support breakaway brokers, having aided 191 broker teams in 2009, an increase of 63% from 2008. Since 2005, Fidelity has helped nearly 600 broker teams transition to independence, whether starting an RIA or joining an independent broker/dealer of Fidelity subsidiary National Financial.
“The independent adviser model for wealthy families continues to evolve,” said Elliot S. Weissbluth, chief executive officer of HighTower. “As brokers leave the wirehouses, HighTower services both fee and transaction business in order to meet the needs of our clients. Fidelity understands the power of the hybrid offering and continues to address a growing market demand.”