Tr?id=566623520170033&ev=PageView&noscript=1

Advisor Sues Hightower, Alleging Age Discrimination and Unfair Treatment

Posted on August 30th, 2024 at 9:01 AM
Advisor Sues Hightower, Alleging Age Discrimination and Unfair Treatment

From the desk of Jim Eccleston at Eccleston Law

A Massachusetts-based financial advisor, Glenn Frank has filed a lawsuit against Hightower Holdings and Lexington Wealth Management, alleging age discrimination and unfair treatment. According to WealthManagement, Frank claims Hightower, which acquired Lexington in 2019, has progressively marginalized him due to his age.

According to the complaint, Frank, who is 69, asserts that Hightower has systematically pushed him out of client-facing roles to favor younger advisors. Frank alleges that after Hightower’s acquisition, his responsibilities and roles were diminished, including being removed from the Investment Committee and having his client accounts reassigned without his knowledge. Frank contends that the firm’s leadership clearly preferred younger advisors to take over leadership roles to drive firm growth.

WealthManagement also reports that Frank alleges that Hightower misrepresented his availability to clients, reduced his compensation, and imposed further restrictions on his client interactions. Despite filing an internal complaint with Hightower’s Human Resources Department and notifying the Massachusetts Commission Against Discrimination of his intent to file a formal complaint, Frank claims the firm retaliated by suspending him, citing an email he sent to clients.

Frank's lawsuit seeks an injunction to prevent Hightower from enforcing non-solicitation and restrictive covenants, which he argues unfairly limit his ability to work with his long-standing clients. He remains employed at Lexington.

According to WealthManagement, Hightower has not commented on the ongoing litigation.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

Thank you for your professional assistance with this matter. You are very good at what you do.

John T.

LATEST NEWS AND ARTICLES

1785858278 Law
August 4, 2026
SEC Fines Former LPL Broker $125,000 for Undisclosed Conflicts in Private Securities Offerings

The Securities and Exchange Commission (SEC) has censured a former LPL Financial broker and imposed a $125,000 civil penalty after finding that he failed to disclose conflicts of interest related to private real estate securities offerings that generated nearly $1.5 million in compensation, as reported by AdvisorHub.

1785772777 Law
August 3, 2026
FINRA Launches Review of High-Risk Structured Notes Sales and Supervision

The Financial Industry Regulatory Authority (FINRA) has launched a regulatory sweep examining the sale of high-risk structured products, with particular attention on non-principal protected "worst-of" structured notes, according to AdvisorHub.

1785531573 Law
July 31, 2026
Former Alabama Financial Advisor Barred After Selling His Practice

The U.S.