Louis Diamond Quoted
By Brooke Southall
A breakaway senior banker from J.P. Morgan Private Bank will use the broker-dealer, RIA and back office of HighTower Advisors LLC but will keep ownership and the newly minted name of his new firm.
Miami-based Marc Shachtman, 49, is launching True Wealth Advisory Group with $500 million of managed assets — assets that will sit on Chicago-based HighTower’s ADV.
HighTower declined to respond to a request for information beyond what’s contained in its press release regarding this recruit. But by any measure, this catch has a the markings of a coup for the firm around which sale rumors have swirled for a while now, according to Louis Diamond, New York-based principal with Diamond Consultants.
“J.P. Morgan Private Bank groups rarely move and when they do it’s never to independence,” he writes in an email. “Wonder how this group pulled that off? Typically they have strong non-competes, non-solicits, and have trouble with portability because clients are serviced by so many different parties at the firm.”