When Elliot Weissbluth saw a new and better vision, he didn’t hesitate to start sharing it — even though it meant launching a financial company in the midst of a worldwide financial crisis. Weissbluth had been developing the vision for HighTower for many years before he founded the financial advisory firm in 2007, seeing the potential in the industry to better serve the needs of both the end investor and the financial adviser. As CEO of the company, Weissbluth utilized his financial background to further his mission of restoring investor confidence and driving industry innovation.
By making several key decisions, he brought the vision for the firm to fruition. First, Weissbluth implemented a business model that addressed the key concerns of high-performing advisers and encouraged a competitive market environment for more end-investor choice. With this unique “open source” business model, HighTower could align the interests of financial advisers and their clients by making financial advisers actual owners and partners in a firm. In addition, Weissbluth developed the HighTower Open Source Technology (HOST) platform, the industry’s first multiclearing and multicustodial platform, based on the idea that competition is good for the end investor. Because HOST leverages multiple sources and providers, it is designed to give investors choice and flexibility.
At first, HighTower’s competitors were better established and capitalized. Yet by giving advisers and investors the balance of freedom and resources they desired, Weissbluth’s innovative model quickly set the firm apart in the marketplace. By the time operations for HighTower launched in 2008, Weissbluth had already secured $65 million in institutional financing for the firm. And it wasn’t long before he was winning others over with his vision. By the end of 2010, HighTower had expanded to 121 employees in 12 offices and today.
How to reach: HighTower, (312) 962-3800 or www.hightoweradvisors.com
