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What Your Firm's Worth in a Few Clicks

Find out the value of your firm online, Angelo Alleca sentenced in fraud scheme and Hightower adds a team in Georgia.

As mergers and acquisitions activity in the advisory space heats up, many advisors may be thinking about selling their practices, but how much are they worth? Financial advisor data provider Discovery Data has partnered with online valuation provider BizEquity to launch a website that will value financial advisory firms in real-time. The initial report is free. BizEquity will use Discovery’s data on over 40,000 registered firm and 700,000 registered reps to value a firm. Advisors will also be able to compare their valuation sand performances to a peer group of 289,000 advisors.

Ex-Summit Wealth Management CEO Sentenced in $24 Million Fraud

Angelo Alleca, former CEO of Atlanta-based Summit Wealth Management, has been sentenced to 8 years in prison for a scheme which spanned multiple states and defrauded 300 people of over $24 million. In addition to his time in federal prison and the restitution he must pay, Alleca, 47, of Buffalo, New York, will serve three years of supervised release, the Atlanta Business Chronicle reports. “Alleca defrauded victims from across the country and, like many investment fraudsters, he preyed on seniors, retirees and others simply looking for safe and secure returns,” said U.S. Attorney John Horn in a statement. From 2004 to 2012, Alleca improperly used assets which were meant to be invested in hedge funds and debt securities, managed by professional investment managers. Instead, he used the money in securities trading, to make interest payments and redemptions to earlier investors and for personal expenses. He delivered fraudulent account statements to investors to cover up his vast losses.

Hightower Adds Georgia Team From SunTrust

HighTower continues its “biggest year ever for growth” with the acquisition of a new, Georgia-based team. Hill Wealth Management, based in Alpharetta, Ga, oversees $260 million and comes to HighTower from SunTrust. Managing Director and Wealth Manager Andrew Hill has 24 years of industry experience, including as a private financial advisor and senior vice president at SunTrust and several positions at Morgan Stanley Dean Witter, Smith Barney and Northwestern Mutual Life. "HighTower's commitment to the fiduciary standard aligns with our team's values and the way we approach serving our clients," said Hill in a statement. "It was unequivocally the right place to launch Hill Wealth Management."

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