We are pleased to announce that on September 17, 2019, Schultz Collins entered into an agreement to affiliate with HighTower Advisors, LLC, a registered investment advisory firm headquartered in Chicago, supporting independently‑managed affiliate investment advisory practices across the United States, which together provide investment advice to over $80 billion in client assets.
This change will not affect client relationships with the Schultz Collins advisory and service team, the services clients now receive from us, the philosophy that informs our advice, how we supervise portfolios, or where they are held. We emphasize in particular that the objectivity and independence of our advice will not change; we would not have it any other way. Our decision to affiliate with HighTower was based in large part on their commitment to supporting our continued delivery of services to clients in accordance with our philosophy and our accustomed ethical and practical course.
From HighTower, Schultz Collins will receive support for operations, middle office, legal, compliance and technology functions. Among other things, we will gain access to enhanced due diligence capabilities for investments we are researching, to an improved technology platform, and to large-scale, professional compliance and other back-office functions.
Our advisors and key staff will all remain in place – as will the nature of the investment advice and services clients receive.
We expect the transaction to close by the end of 2019.
Over the past fifteen years or so, as Schultz Collins has grown to become one of the larger independent investment advisory firms in the Bay Area, we have considered affiliations with a number of national firms that offered us economies of scale and greater support for basic business operations and client service. But none of them either quite understood our adamantine commitment to the fiduciary standard, or quite met our strict criteria for adherence thereto. HighTower is different. Not only did the people of HighTower meet our expectations of a firm suitable to help us serve the interests of our clients in the way that we have concluded is proper and correct, they consistently, repeatedly surpassed them. HighTower is the only firm we have met that understands and enthusiastically supports what we have all these years been trying to do. We are therefore confident that our new partners will help us maintain and promote, and indeed deepen, the Schultz Collins adherence to a high fiduciary standard.
Were it otherwise, you would not now be reading this post.
We thank our clients for their continued confidence and trust in our firm. Our affiliation with HighTower was undertaken in no small part so as to ensure that the project of unbending adherence to the fiduciary standard to which we have been committed on their behalf since our founding would continue, and indeed deepen and strengthen, far into the future.
To all our readers: please don’t hesitate to contact us at (415) 291-3000. We’ll be glad to answer any questions you might have.
Kristor J. Lawson CFP ChFC CLU