CHICAGO, June 4, 2018 /PRNewswire/ -- HighTower announces that Financial Principles, LLC is now part of the HighTower community. The team, with offices in Fairfield, N.J. and New York City, manages $365 million in client assets under the leadership of Bradley H. Bofford (Managing Director, Partner), Michael A. Flower (Managing Director, Partner), and Daniel G. Trout (Partner). Founded in 1998, the practice was previously affiliated with Securities America.
"HighTower offers established wealth management practices like Financial Principles the benefits of scale, the power of a sophisticated platform, and the camaraderie of community," said HighTower CEO Elliot Weissbluth.
HighTower recently released findings from a study conducted by the Aite Group revealing that two-thirds of U.S.-based independent RIA firms still work in environments where their technology and support backbones offer limited (basic) or no integration. RIAs backed by advanced integration report significant improvements in the sizes of their books of business, their number of clients, their amount of time spent with clients, and more.
"In determining the best path forward for our team and clients, we considered a number of options, including establishing a fully-independent RIA," said Mr. Bofford. "We chose to affiliate with HighTower largely based on the power of its platform and the superior capabilities it brings to our business."
Mr. Bofford and Mr. Flower co-founded Financial Principles 20 years ago, and Mr. Trout joined in 2003. The team includes 5 other professionals and serves successful business owners, executives, closely-held businesses, families, and retirees in the Greater New York City metropolitan area.
"HighTower's culture and values are firmly aligned with our history and vision," added Mr. Flower. "Their commitment to the fiduciary standard, a binding promise to put the client's best interests first at all times, reflects our approach to serving our clients."
HighTower is reshaping the financial services industry from the inside out. As one of the nation's largest Registered Investment Advisors (RIAs) dedicated to providing advice, not selling a product, we are a relentless champion of the fiduciary standard. HighTower acquires independent RIAs and wirehouse teams, and also provides comprehensive services to independent financial advisory businesses. We believe that the wealth management industry can and should do a better job of serving the needs of individual investors and their financial advisors. We built HighTower upon a commitment to put our clients' best interests first. For the 6th consecutive year, HighTower ranks on the Inc. 5000 list of the fastest-growing companies in America (2012 – 2017). For more information, see www.hightoweradvisors.com and www.byadvisorsforadvisors.com.