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$500M Morgan Stanley team joins HighTower

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A team that managed $500 million in client assets left Morgan Stanley to join HighTower, a spokeswoman said.

Led by advisers Thomas Foley and Keith Hier, the team opened a new HighTower location in Omaha, Neb., the firm's first office in the Cornhusker state. Other team members include Tom Hodgson, financial planning and analytics manager, and Tina Legett, senior client relations manager.

Foley said in a statement that the team made the switch to "HighTower for its sophisticated platform and culture of excellence, both of which will help us address our clients' complex needs and grow our business."

A Morgan Stanley spokeswoman confirmed the team's departure, but otherwise declined to comment on the move.

The largest teams to go indie this year managed more than $5 billion in client assets.
July 7

Foley started his career at Smith Barney in 1995, according to FINRA BrokerCheck. He stayed through that firm's merger with Morgan Stanley. Hier also started his career at Smith Barney in 2004.

Michael Parker, chief development officer at HighTower, said in a statement that the firm is attracting advisers from all channels because of its track record in helping teams grow their businesses.

In July, an RIA that oversaw more than $500 million joined Chicago-based HighTower, according to the firm. Acacia Wealth Advisors, which is based in Los Angeles, continues to be led by its co-founders, Meloni Hallock and Alev Lewis.

And in June, HighTower recruited a Merrill Lynch adviser who oversaw $300 million, according to the firm. LaRue Gibson joined HighTower's New York office.

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