A Massachusetts-based adviser is suing Hightower, accusing the firm of trying to fire him because of his age.

Glenn Frank filed suit in Massachusetts state court last week against Hightower Holdings and Lexington Wealth Management, the firm he has worked for since 2010, according to SEC filings.Hightower bought the firm in 2019 through a strategic investment.)

According to Frank's complaint, over the past several years, Hightower has “repeatedly 'phased out'” Frank from working with his clients to benefit younger advisers at the firm. (Frank is 69, according to the complaint.) Hightower declined to comment, citing that he does not discuss pending litigation.

Frank claimed he brought about 50 of his clients to Lexington when he joined from Wells Fargo in 2010, and said his clients often followed him from firm to firm over the years. According to Frank, his customers didn't care whose name was on the door “as long as Glenn's behind it.”

Starting in 2016, Frank cut back his hours, but claimed his titles and client responsibilities remained the same. However, in recent years, Frank alleged that Lexington began changing his role on customer service teams to “emeritus member” without consulting him; in practice, the change removed Frank from having the final say on his clients' accounts, according to the suit.

Changes continued after Hightower bought Lexington in 2019; in 2021, the firm removed Frank from its Investment Committee without telling him or his clients. When he learned what happened, the firm's executives told Frank the change was to make room for “younger” advisers on the committee, according to the lawsuit.

According to Frank, in the meetings, the firm's leaders discussed that Frank and the firm's leaders were all aging, and there was a need to “pass the reins” to younger advisers so that the firm could continue to grow.

“Mr. Frank was told that if he did not take a role subordinate to that of the younger advisors, he would be removed from his customer service teams entirely,” the complaint states.

Frank alleged that Hightower went further, telling clients that Frank was unavailable or vacationing in Florida, removing Frank from his accounts and assigning them to younger advisers at the firm without notifying Frank. Hightower also moved to cut Frank's compensation and hours, according to the lawsuit.

“Hightower has informed Mr. Frank that it will be (up to) younger counsel to determine whether, and to what extent, Mr. Frank will engage in communications with his longtime clients,” the complaint said.

Frank filed an internal complaint with Hightower's Human Resources Department alleging age discrimination, but soon heard that the demotion was not considered discrimination. In March, Frank informed the firm's executives that he intended to file a complaint with the Massachusetts Commission Against Discrimination, according to the complaint.

Later that day, Frank claims Hightower suspended him “apparently because of an email Mr. Frank sent to clients.” Frank's attorneys declined to comment for this story.

But even if Frank wanted out (and if his clients wanted to join him), he argues that he is bound by Hightower's nonsolicitation covenants, which supposedly bar him from soliciting any clients for a year after leaves the firm (including clients he worked with before joining Lexington and then Hightower).

As of now, Frank claims he is still in Lexington, although his salary has been cut in half with Hightower continuing to “restrict and hinder his interactions with his clients”. As part of the lawsuit, he is seeking an injunction to stop Hightower from enforcing its non-solicitation and restrictive covenants.