JPMorgan Broker with $500 Million Signs with HighTower
Amid turnover in its executive ranks and speculation about a potential sale or recapitalization, HighTower Advisors lured a private banker who it says was managing $500 million of customer assets at JPMorgan Chase & Co. this week.
Marc Schachtman opened his True Wealth Advisory Group practice in Miami on Wednesday after eight years at the bank. He has not joined as an equity partner in keeping with the Chicago-based aggregator’s shift from its initial affiliation proposition to brokers and bankers.
In a brief phone interview, Schachtman said he did not discuss the future ownership structure of HighTower, which is believed to be in discussions with potential buyers. He referred questions about the recent departure of several HighTower recruiters and executives to a spokeswoman, who did not respond to a request for comment.
Schachtman began his financial services career at Goldman Sachs & Co. in 2003 and moved to J.P. Morgan five years later, according to his BrokerCheck history. At JPMorgan, he was a team leader for the Miami market and served on its U.S. Private Bank Advisory Council, according to a HighTower press release.
Founded in 2007 by Elliot Weissbluth, former Charles Schwab Chief Executive David Pottruck and other wealth management notables, HighTower today has 191 brokers in 79 offices, according to its .