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

1775253477 Law
April 3, 2026
FINRA Enforcement Trends Show Higher Monetary Sanctions Despite Fewer Cases in 2025

The Financial Industry Regulatory Authority (FINRA) increased total monetary sanctions in 2025, even as the number of enforcement actions declined.

1775060885 Law
April 1, 2026
Florida FINRA Arbitration Panel Orders Charles Schwab to Pay $3.8 Million to Investors

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Charles Schwab & Co.

1774973592 Law
March 31, 2026
Cybersecurity Breach at Edelman Financial Engines Highlights Growing Risks for Advisory Firms

A recent cybersecurity incident involving Edelman Financial Engines has drawn attention to the increasing number of cyberattacks targeting registered investment advisers, according to Financial Advisor News.