Hightower Sued for Age Discrimination Wrongful Termination

Glenn E. Frank, a 69-year-old Massachusetts-based financial advisor, has found himself at the center of an intense legal battle against Hightower Holdings. Frank, who claims the firm made deliberate efforts to edge him out due to his age, has filed lawsuits alleging age discrimination and retaliation, demanding accountability from one of the wealth management industry’s largest firms. This controversial case shines a spotlight on age-related biases in corporate acquisitions and raises questions about workplace practices in financial services.

A Look at Glenn E. Frank’s Career

Frank began his career in 1997 and joined Lexington Wealth Management in 2010, a firm later acquired by Hightower in 2019. Bringing decades of experience and a loyal client base, Frank built a strong reputation as a trusted financial advisor. However, by 2016, he elected to shift to part-time work while maintaining the same responsibilities and title.

The trouble began after Hightower acquired Lexington. According to Frank, the acquisition set in motion a series of changes that left him sidelined. Frank alleges his role was reclassified, and his responsibilities were reduced without prior consultation. These changes ultimately left him struggling to maintain his connection with the clients he had fostered over the years.

Initial Lawsuit in Massachusetts

The drama unfolded publicly in August 2024, when Frank first filed a lawsuit in Suffolk County, Massachusetts. The complaint alleged that Hightower forced him to take a subordinate role by slashing his hours, cutting his pay in half, and heavily restricting his interaction with clients. Furthermore, Frank requested a temporary restraining order (TRO) to prevent the enforcement of restrictive non-solicitation agreements, which he argued were overly broad and would prevent him from maintaining relationships with lifelong clients.

Although the Massachusetts court initially granted the TRO, the lawsuit itself was dismissed in December 2024 due to jurisdictional grounds. The court ruled that such claims needed to be litigated in Illinois, the state where Hightower is headquartered.

New Lawsuit in Illinois

Undeterred, Frank refiled his lawsuit in Illinois federal court in early 2025. This new filing brought forth familiar allegations of age discrimination but also escalated the narrative by pointing to alleged retaliation by Hightower after his Massachusetts case was dismissed. Frank claims that just one week after the dismissal, he was terminated by the firm.

The Illinois lawsuit seeks remedies including the reinstatement of the TRO, back pay for lost wages, attorneys’ fees, damages for emotional distress, and punitive damages. Additionally, Frank has requested reinstatement to his prior role and responsibilities.

The Crux of Frank’s Allegations

Frank’s allegations unravel troubling details about his experience at Lexington and Hightower. Some of his chief grievances include:

• Role Reclassification

Frank claims his title was abruptly changed to “member emeritus,” eroding his client-facing responsibilities and authority.

• Portrayed as Absent

According to the lawsuit, Hightower informed clients that Frank was frequently unavailable or vacationing, effectively discouraging interactions.

• Shift of Clients to Junior Advisors

Clients were allegedly redirected to younger advisors without Frank’s knowledge, further marginalizing his position.

• Retaliatory Investigation

After raising concerns about age discrimination internally, Frank was subjected to what he described as a retaliatory investigation. He was suspended and denied access to systems critical to his role before being reinstated under diminished duties.

Frank also contends that these actions were part of a broader plan to “phase out” older advisors and prioritize younger talent for the company’s long-term growth.

Hightower’s Response

When approached, a spokesperson for Hightower declined to comment, citing company policy to refrain from discussing pending litigation. Similarly, Frank’s legal team has chosen not to provide additional context beyond the contents of the legal filings.

Broader Legal Implications

This lawsuit carries significant legal and operational implications for the financial services industry. Here’s what it could mean for businesses and advisors:

• Precedent for Post-Acquisition Treatment of Advisors

The case could set a precedent for how firms transitioning through acquisitions handle their older workforce, particularly advisors with long-standing client relationships.

• Spotlight on Age Discrimination

By highlighting cases like Frank’s, the lawsuit underscores the growing need to address implicit and explicit age biases in the workplace. Older professionals bring immense value, and marginalizing them could be both ethically concerning and financially detrimental to firms.

• Legal Risks for Firms

Companies may be prompted to review their employment policies, especially around transitions, reclassification of roles, and the handling of complaints, to avoid similar lawsuits.

• Enforcement of Restrictive Agreements

The use of non-solicitation agreements in this case also raises questions about fairness, particularly for advisors who bring pre-existing client relationships into firms.

Could This Case Shape Future Policies?

Retaliation and discrimination claims, particularly involving high-profile firms like Hightower, serve as cautionary tales for organizations. If Frank’s allegations hold up in court, the verdict could pave the way for clearer, enforceable policies regarding role changes and how complaints should be handled. The case also emphasizes the importance of transparent communication between firms and their senior employees, as misunderstandings about role reassignments can quickly escalate into legal woes.

Looking Ahead at Compliance

For businesses, Frank’s lawsuit should inspire an audit of HR policies, particularly in areas concerning role transition during acquisitions and career longevity within firms. The financial industry must balance cultural and demographic shifts by fostering inclusivity, both for seasoned advisors and rising talents.

The legal battle between Glenn Frank and Hightower isn’t merely about one individual’s fight; it reflects systemic challenges within corporate cultures and industry practices. Whether this case concludes in settlement or courtroom victory, it highlights the urgency of addressing age discrimination in both policy and practice.

If you believe you have experienced age discrimination in your workplace, it is crucial to take action by consulting a highly qualified employment lawyer. These professionals specialize in navigating the complexities of employment law and can provide guidance on your rights, potential legal remedies, and the best course of action for your specific situation. Whether it involves providing advice, negotiating a resolution, or pursuing legal claims, an experienced attorney ensures that your case is approached with the expertise and sensitivity it requires.