By Hightower Advisors / June 15, 2021
The new trust company is a key part of Hightower's strategy to provide its current advisory businesses, and those that join Hightower in future, with a broad range of holistic services for their clients and their families.
CHICAGO, June 15, 2021 /PRNewswire/ — Hightower today announced that it has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to convert its Texas-based trust company into a nationally chartered trust company, Hightower Trust Company, National Association ("Hightower Trust Company"). Based in Houston with an office in Chicago, the national trust company will provide Hightower advisors nationwide with corporate and administrative personal trust services to support their clients' holistic planning and wealth-transfer needs across generations.
Hightower Trust Company will offer a traditional mix of personal trust investment management and custody and safekeeping products. This includes discretionary investment management services for managed accounts and non-managed accounts, custody and escrow services, and agency services such as administrative support to other fiduciaries, principals of partnerships, limited liability companies and other legal entities.
The President of Hightower Trust Company will be Tanya D. Simpson, who was formerly managing director at Charles Schwab Trust Company and Charles Schwab Trust Company of Delaware. During Ms. Simpson's tenure at Charles Schwab, her management strategies contributed to unprecedented asset growth. Earlier in her career, Ms. Simpson practiced trusts and estates law and held leadership positions in the legal and financial services industries. She holds a master's degree in business administration from the University of San Diego and a juris doctor degree from Florida State University. She is also a Certified Financial Planner® and Certified Wealth Strategist.
"Hightower is thrilled to be providing comprehensive personal trust capabilities exclusively to our advisors through our new, nationally chartered trust company. Hightower Trust Company is a key part of our strategy to leverage our size and scale to provide our current advisory businesses, and those who join us in future, with a broad range of holistic services for their clients and their families," said Bob Oros, Hightower chairman and CEO. "As Hightower continues to expand beyond the 33 states in which we currently operate, the trust services will give our advisors the opportunity to serve clients in a more intimate and efficient way, while expanding their ability to attract and retain business."
The trust company will be led by a Board of Directors chaired by Stephen Strake, senior managing director of Hightower Texas. Internal Board members are Cat Davies, Hightower chief solutions officer; Scot Kees, Hightower chief administrative & legal officer; and Tanya Simpson, president of Hightower Trust Company. Independent Board members are Cathy Lemieux, former head of the Federal Reserve Bank of Chicago's Department of Regulation and Supervision; Dawn Causey, retired general counsel of the American Bankers Association; and Tim Divis, retired regional counsel for the FDIC's Chicago Regional Office.
"The launch of the Hightower Trust Company on a national level represents Hightower's deep understanding of this marketplace and what advisory businesses need to gain a competitive edge and accelerate organic growth," said Cat Davies, Hightower chief solutions officer. "Hightower advisors who utilize the trust company will be able to provide coordinated and consistent service to more high net worth and ultra-high-net-worth clients across multiple generations of families."
Drew Nordlicht, managing director at Hightower's Crest Capital Advisors, commented: "We have now added a meaningful new value proposition to offer our valued clients, which is to be able to operate under one roof as a true fiduciary, combining untethered investment advisory with trust administration, record keeping and tax reporting that can reach across generations."
"As advisors, having the choice to use Hightower Trust Company provides us with the opportunity to gain a deeper connection with the professionals who handle trust and estate matters for our clients," said Moss Crosby, managing director and partner at Hightower's Twickenham Advisors and a member of Hightower's Board of Managers. "Utilizing our own trust company will give us greater oversight and clarity, enabling us to feel confident that our clients and their families will be in good hands for many years to come."
Hightower is a wealth management firm that provides investment, financial and retirement planning services to individuals, foundations and family offices, as well as 401(k) consulting and cash management services to corporations. Hightower's capital solutions, operational support services, size and scale empower its vibrant community of independent-minded wealth advisors to grow their businesses and help their clients achieve their vision of "well-th. rebalanced." Based in Chicago with advisors across the U.S., the firm operates as a registered investment advisor (RIA). Learn more about Hightower's collaborative business model at www.hightoweradvisors.com.
Securities offered through Hightower Securities, LLC member FINRA/SIPC. Hightower Advisors, LLC is a SEC registered investment advisor.
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Hightower Advisors is registered with Hightower Securities, LLC, member FINRA and SIPC, and with Hightower Advisors, LLC, a registered investment advisor with the SEC. Securities are offered through Hightower Securities, LLC; advisory services are offered through Hightower Advisors, LLC.
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This document was created for informational purposes only; the opinions expressed are solely those of the team and do not represent those of Hightower Advisors, LLC, or any of its affiliates.