Hightower Advisors, LLC
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Learn more about Hightower Advisors, LLC
Hightower Advisors, LLC is a financial advisory company located in Chicago, Illinois. Hightower Advisors, LLC controls $105.2 billion in assets under management across 144,757 client accounts, making it one of the largest firms in the United States by assets under management (AUM). It has a very large group, including 777 financial advisors. Hightower Advisors, LLC does not act as a registered broker-dealer, meaning it cannot buy and sell securities for its own accounts as well as its customers' and instead must go through a broker-dealer firm to do so. Securities are exchangable fiscal investments like options, equities and bonds.
Hightower Advisors, LLC manages more than half of its client assets on a discretionary basis. Discretionary management is a structure in which buy and sell judgments are made by an investment advisor without requiring client approval. The firm also has 517 non-discretionary accounts with a total of $924.1 million in assets. Hightower Advisors, LLC supervises an average of $725,354 in assets for each client account. An average advisor at Hightower Advisors, LLC administers around 186 client accounts.
The company's main office is located at 200 W. Madison St., Chicago, Illinois 60606. It is legally allowed to serve customers throughout 51 U.S. states and territories.
Assets Under Management
Number of Advisors
Hightower Advisors, LLC by the Numbers
Products and Services
Hightower Advisors, LLC provides multiple services, which can consist of financial planning services, portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, portfolio management for institutional clients, selection of other advisers and other services. In the prior financial year, Hightower Advisors, LLC provided 251-500 of its clients with financial planning services. Hightower Advisors, LLC does not sell products or offer services other than investment advisory services to its investment advisory customers. The company is affiliated with a number of other service providers in the financial services industry, including with a broker-dealer or securities dealer, trust company and insurance company or agency.
Core Advisor Services
Offered by 31% of firms
Financial Planning Services
This is the process of planning for your financial future, including for events such as retirement, your child's college education or estate succession.
Offered by 46% of firms
This is the selection and management of an investment mix and portfolio strategy for individuals and small businesses.
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Market Timing Services
This is the practice of attempting to make short-term profits on investments by buying low and selling high.
Offered by 20% of firms
Selection of Other Advisors
This is the firm's assistance with choosing other advisors to work with who may have different specialties.
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Publication of Periodicals
This is the publication of various financial education materials.
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This is the hosting of seminars or workshops to educate investors on financial concepts.
Fees charged by financial advisors largely are based on which service is provided. Fees charged by the company can be comprised of the following fee types: asset-based, hourly, fixed, commission-based or other. Wrap fee programs, or the practice of bundling services for a single fee, are offered by the firm.
Offered by 69% of firms
Percentage of AssetsShow Explanation
This fee, which is the most common fee type charged by advisors for portfolio management, is based on the amount of assets you have under management. Also referred to as an asset-based fee, this fee typically ranges from 0.50%-2.00% of AUM annually. You'll typically pay a lower rate the more assets you have under management.
Offered by 21% of firms
Like a lawyer, a financial advisor may charge you by the hour. This can be helpful if you are only looking for short-term or one-time advice. Rates typically range from $100-$300 per hour, depending on the complexity and level of services needed.
Offered by 1% of firms
Occasionally, advisors earn commissions from selling financial products, such as securities or insurance policies, or making certain referrals or transactions. Advisors who earn commissions may be incentivized to make certain recommendations to clients in order to make a commission. Fee-only advisors do not earn commissions, while fee-based advisors may.
Offered by 32% of firms
Fixed fees are a one-time, lump sum charged for a specific service, like the creation of a financial plan without subsequent implementation. This can be useful if you only need advice for one specific purpose, rather than a long-term advisor. Fixed fees usually range from $1,000 to $3,000.
Offered by 10% of firms
Firms can sometimes charge customers using non-traditional fee structures. See this firm's Form ADV for more details.
Find one of the 26% of firms that offer this fee type
Advisors only earn performance-based fees if a portfolio outperforms a defined benchmark. This fee may be calculated in a number of ways but most commonly is charged as a percentage of investment profits. Performance-based fees may incentivize advisors to make riskier decisions in order to generate higher returns.
Find one of the 0% of firms that offer this fee type
Firms generally charge this fee for educational materials provided, such as a monthly magazine. This can be useful if you want to learn about investing or financial management on your own.
Types of Clients
The firm does business with a broad range of investors. The company works with retail investors, high net worth investors, pooled investment vehicles, pension plans, charitable organizations and corporations. Out of its 144,757 clients, Hightower Advisors, LLC's largest client is retail investors, but it also serves 19,079 high-net-worth individuals. A high-net-worth individual is defined by the SEC as someone who has at least $750,000 under management or a net worth of at least $1.50 million or who counts as a "qualified purchaser" (a standard met by having at least $5 million in investments). Just 3% of the firm's customers reside abroad.
- High-Net-Worth Individuals* - 13.18%
- Other Individuals - 85.91%
- Corporations - 0.59%
- Charitable Organizations - 0.33%
* The U.S. Securities and Exchange Commission (SEC) defines a high-net-worth individual as someone who has at least $750,000 under management.
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Hightower Advisors, LLC does not have any disclosures.
Please visit its Form ADV for more details.
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Financial Advisors at Hightower Advisors, LLC
Downers Grove, IL
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