A Fairfield, N.J., advisory firm that manages $365 million in assets and serves corporate executives, small business owners and high-net-worth families has joined HighTower.
Financial Principles was previously affiliated with independent broker-dealer Securities America before becoming an independent RIA that is now under the HighTower umbrella.
“We chose to affiliate with HighTower largely based on the power of its platform and the superior capabilities it brings to our business,” said Financial Principles’ managing director and partner Bradley Bofford.
RIA roll-up firms like HighTower provide infrastructure support to advisors to help them with operations, research, succession planning and integrative technology. HighTower has created an operation with 209 advisors on 92 teams with 76 offices in 33 states. Different advisors access services at various levels, but most pay more than 10 percent of their revenues to HighTower for services that would be expensive for mid-sized RIAs to replicate, sources say. Some advisors turn to HighTower mainly for practice management services, while others also look for an investment or to be purchased.
Financial Principles is lead by Bofford; Michael Flower, a managing director and partner; and Daniel Trout, partner. The firm was started in 1998 by Bofford and Flower; Trout joined in 2003.