CHICAGO, May 8, 2023 /PRNewswire/ — Fairport Wealth, a Cleveland, Ohio-based Hightower advisory business, announced today that Mike Drennen has joined the firm as Chief Wealth Officer. In this role, Mr. Drennen is assuming the day-to-day and executive leadership responsibilities previously overseen by Matt Logar, who was recently named CEO.
As Chief Wealth Officer, Mr. Drennen will lead a cross functional team, overseeing the Advice, Growth, Marketing and Training functions of the firm, including more than 30 direct reports across Fairport’s five offices. As a key member of Fairport’s leadership, Mr. Drennen will also contribute to the strategic direction of the organization and work to ensure it continues its growth streak. Since becoming a Hightower advisory business in 2017, Fairport has embarked on its own acquisitions and grown from one to five offices in Cleveland, OH; Buffalo, NY; Chicago, IL; Harrisburg, PA and Princeton, NJ. The firm has nearly doubled in size from 32 employees to more than 50 and increased the number of households it serves from nearly 700 to close to 2000.
“Mike brings tremendous experience in supporting advisors and empowering them with the counsel and resources needed to grow their practices while inspiring families,” said Fairport Wealth CEO Matt Logar. “Not only does his understanding of advisor-client relationships and skills in igniting growth make him a perfect fit for this leadership role, but in his time working closely with Fairport while at Hightower, we learned that he is a culture fit as well. At the end of the day, this is a people business and Mike has already been building impactful relationships at Fairport, earning the respect of our employees, advisors and clients. He’ll be able to hit the ground sprinting.”
Before joining Fairport, Mr. Drennen worked at Hightower Advisors, Fairport’s parent company, as an Executive Director on the Advisor Engagement team partnering with advisory firms across the country in running profitable, efficient and growing businesses. While at Hightower, he worked closely with the Fairport leadership team, providing strategic direction and supporting team development and the firm’s expansion.
“What excites me most is the opportunity to partner with an incredibly talented group of people at Fairport,” said Mr. Drennen. “I have worked with the entire Fairport team for the past few years and have gotten to see first-hand their level of experience, care and impact they all have on the lives of their clients and am honored to be able to join such a passionate group. I look forward to working with the rest of the leadership team to continue to lead the firm to new highs and spending time on the development of our people and teams. The sky is the limit for this firm and I can’t wait to see all that we’ll accomplish together.”
Prior to joining Hightower, Mr. Drennen served as Vice President of Business Consulting at Carson Group and spent eight years at Fidelity Investments, most notably as a member of the National Accounts relationship management team working with many of the largest and most complex businesses within the RIA industry. Mr. Drennen began his career in the banking industry at Fifth Third Bank in Cincinnati, Ohio. He earned a Bachelor of Science degree in Accounting from Miami University in Oxford, Ohio.
About Fairport Wealth
Fairport Wealth provides comprehensive wealth management solutions for high net worth individuals and families. We guide clients through life’s transitions, with the goal of inspiring families. Clients value our depth of talent and experience, along with our collaborative and approachable style. For more information, visit https://fairportwealth.com/.
About Hightower
Hightower is a wealth management firm that provides investment, financial and retirement planning services to individuals, foundations and family offices, as well as 401(k) consulting and cash management services to corporations. Hightower’s capital solutions, operational support services, size and scale empower its vibrant community of independent-minded wealth advisors to grow their businesses and help their clients achieve their vision of “well-th. rebalanced.” Based in Chicago with advisors across the U.S., the firm operates as a registered investment advisor (RIA). Learn more about Hightower’s collaborative business model at www.hightoweradvisors.com.
