HighTower announced Monday that MK Wealth Management, an advisory team on Long Island, is joining the partnership, representing the 10th time in the past year that a new team has joined the Chicago-based independent advisor-owned financial services firm. Thirty-seven teams have joined the HighTower partnership since its 2007 inception.
MK Wealth Management’s principal, Mark Kravietz, is a longtime veteran of the financial services sector with 25 years of experience, most recently at UBS Financial Services, where he was a member of the Global Circle of Excellence. Kravietz will join HighTower as partner and managing director.
As it transitions into the HighTower hybrid model, the Melville, N.Y.-based team will receive support from HighTower’s newly formed partner development team.
“We’re executing right on plan for 2013,” said Mike Papedis, executive vice president of HighTower, in a statement. “Mark and his team will benefit from our newly formed partner development team headed by Michael Parker, national director of the HighTower Partnership.”
HighTower recently realigned its internal resources to focus on expansion into two new lines of business: the HighTower Network and HighTower Alliance.
“We’re seeing great interest in both of those solutions,” Papedis said. “Our goal is to be the destination of choice—the OmniChannel—for all wirehouse advisors seeking independence.”
Kravietz is a certified financial planner with certified investment management analyst designation from the Wharton School of Business. He manages $300 million in assets for affluent families, individual clients, closely held businesses and nonprofit organizations. His expertise extends to financial planning, asset allocation, liability and estate planning and portfolio construction.
“As an independent-minded advisor within a rapidly evolving industry, I wanted to join a company that serves its clients as true fiduciaries,” Kravietz said in a statement. “In addition, I was seeking a firm that offered innovative, sophisticated investment solutions and technology. HighTower offers multiple points of entry into the marketplace and has leveraged the competitive power of Wall Street to ensure that it benefits our clients.”
Kravietz is a founding member of the Long Island Association for Financial Education, a member of the Investment Management Consultants Association (IMCA), a founding member of the National Association of Financial Advisors and a founding Registered Player Financial Advisor to the National Football League Players Association.