Chicago-based HighTower has added its second large advisory team in less than a week.
The Rand Group, an advisor team dually located in Newport Beach, Calif., and Maui, Hawaii, has joined HighTower from Morgan Stanley, where it oversaw $200 million in client assets.
The Rand Group consists of managing directors and partners Paul Rand, Joel Rand and Sarah Minakary, Director of Client Service and Operations Christina Wolfe and Client Service Manager Karie Haider. The team specializes in serving small business owners with a focus on financial planning.
The breakaway follows the Florida-based Otto Group, which brought $320 million in assets to HighTower from SunTrust in a move announced on March 11.
A spokesperson for HighTower says that HighTower is seeking RIAs in the $200 million to $500 million AUM range for potential acquisitions, and that The Rand Group is the second of a series of planned acquisitions, with several announcements anticipated before the summer.