Shaffer Wealth Management has become the first financial advisory firm to join the HighTower Network, which is a platform that gives breakaway advisers access to the RIA partnership’s resources but allows them to maintain control over their practices. HighTower Advisors LLC has used the business model of buying advisers’ practices with upfront money and equity in the HighTower partnership. Also, the firm is one of the fastest-growing RIAs in the country. Specifically, they manage more than $20 billion in assets.
The HighTower Network offers advisers the same platform and resources that regular advisers with the firm get but with full ownership. This relationship is governed by a services agreement so network advisers have full access to HighTower’s capabilities. However, they receive no equity in HighTower and keep full control over their firms. HighTower Alliance’s model offers advisers even more independence, allowing them to handle more of the day-to-day operations of their firms while accessing HighTower’s investment platform and broker-dealer services. Shaffer Wealth Management is the fifth adviser team to join HighTower this year and the 13th team to join the past 12 months.