HighTower Loses Advisor in Virginia, Hires Executive There
HighTower Advisors said Tuesday that it has replenished its recruiting staff by hiring a 27-year industry veteran based in Richmond, Virginia, not far from where it lost a prominent advisor earlier this summer.
The Chicago-based aggregator hired Charles Cornett, who has been working for the last 11 years as a regional director at Wells Fargo Advisors’ Financial Network, the bank-owned broker-dealer’s independent channel, as one of six “business development executives.”
“With the addition of Charlie to our team, HighTower now has more than 120 years of combined experience recruiting independent financial advisors,” Kimberly Papedis, head of national sales and platform strategy, said in a prepared statement.
HighTower, which was formed almost a decade ago with a then-focus on recruiting wirehouse brokers to become equity partners and work as independent brokers and registered investment advisors, has been shifting its focus to sell services to independent advisors. Earlier this month, the firm’s president Michael LaMena left to join an RIA firm in Maryland and earlier this year HighTower’s senior recruiter Michael Parker shifted to a new role.
Michael Papedis, another recruiter who is Kimberly’s husband, also left earlier this year to to start his own consulting firm.
In addition to his Wells FiNet experience, Cornett worked for nine years at Charles Schwab & Co., and also did stints at Virginia’s Scott & Stringfellow, American Investment Services and Robert Thomas Securities. He first registered as a broker in 1987 at Raymond James & Associates, according to his BrokerCheck history.
The advisor who left Hightower is Charles S. Holt, a 28-year veteran based in Reston, Va., who moved at the end of June to open an office in Venice, Va., for Verdence Capital Advisors. Verdance is a Hunt Valley, Md.-based registered investment advisory firm founded by former HighTower brokers earlier this summer.
At HighTower, Holt had been an advisor with the Pagnato Karp group that broke up last year when its title partners, Paul Pagnato and David Karp, started their own Reston-based RIA last year.
Holt, who stayed behind with HighTower, declined to comment on his reason for moving now.
Joining him at Verdance from HighTower are Annie McCann, an associate advisor who also worked for 22 years as a client associate at Merrill Lynch, and junior analyst Lucas Belanger. The group, which also includes Cate Hawrylak, the founder of Evolve Concierge, “handles” nearly $200 million of assets, Verdance said in a news release.