The trio, who join HighTower as partners and managing directors, serve approximately 50 clients, including families, foundations, endowments, unions and pension plans. They represent the firm’s fourth new team so far this year.

Hoffman has been advising wealthy families since 1981. Prior to joining Merrill in 1994, he worked at Lehman Brothers and E F Hutton, the firm said.

Steinberg joined Merrill Lynch's Private Banking and Investment Group in 2002, having spent 13 years as a wealth manager at Goldman Sachs. Waxman also joined Merrill in 2002, following eights years at Goldman Sachs as a wealth manager.

In January, HighTower marked its expansion into the Phoenix market with a trio of appointments to be based within its new Arizona office. James Pupillo was named as managing director and partner, with directors and partners Brian Hein and David Brasfield working alongside Pupillo in each of their new roles.

Additionally, the firm brought in new advisors on both coasts, managing a total of over $1 billion in client assets, and launching offices in Baltimore, MD and Los Angeles, CA in February.

HighTower is an advisor-owned firm that specializes in high net worth and institutional clients, with headquarters in Chicago and corporate bases in New York and San Francisco.