Bob Oros of HighTower calls protocol exit ‘form over substance’
Mindy Diamond Quoted
By Jeff Benjamin
HighTower Advisors put an exclamation point on its move away from recruiting breakaway brokers this week by officially exiting the broker protocol.
“It’s a little bit of form over substance,” said Bob Oros, chief executive of the $50 billion RIA consolidator.
Mindy Diamond, president of the recruiting firm Diamond Consultants, agreed that HighTower’s shift away from recruiting made the protocol unnecessary.
“They have pivoted on strategy and are no longer in the wirehouse recruitment game,” she said. “If they’re not recruiting out of traditional brokerage firms and focusing solely on acquisition of established RIA firms, then they really don’t need to be in protocol. And pulling out of it allows them to protect their investments in those advisers currently associated with them.”