HighTower Picks Up A $500 Million Maine Advisory Team From Merrill Lynch Hot

The Simmons Wilkes Group caters to Mainers with assets in the $1 million to $3 million range. The group -- four advisors strong -- logged over three decades (collectively) at Merrill before giving HighTower recruiters a call. 

HighTower is making a name for itself due to its unusual advisor-owned model. Affiliates hold about 25% of the equity in the firm and some -- including Gibson Wilkes from the Simmons Wilkes Group -- serve in relatively high-profile central positions.

Merrill still has a substantial presence in Portland with at least three advisory teams operating out of its central branch office. For what it's worth, Simmons Wilkes' defection seems to have come as a bit of a surprise. As of Tuesday night, the team was still listed on TotalMerrill.com as active Merrill affiliates.