Andrew Morse, who has more than 25 years of experience with high net worth clients, will be a managing director of HighTower, as will his partners Justin Towey and Bob White.

In addition to the three principals, two senior members of their team, Pamela Tang and Maja Janko, are also making the move to HighTower.

Fidelity Institutional Wealth Services will be the main custodian for the $1 billion of assets the team reportedly expect to come with them. About 85 per cent of the business is believed to be fee-based.

Morse will additionally be a special advisor to chief executive Elliot Weissbluth, to assist with the strategic development of the firm's growth plans.