David Pottruck, a former chief executive of Charles Schwab Corp., is planning a return to retail brokerage to help set up an independent advisory firm.
Mr. Pottruck, who was ousted from Schwab in 2004, is expected to be part of HighTower, a Chicago financial services company that lets its financial advisers own equity in it.
Since leaving the San Francisco discount brokerage, Mr. Pottruck has set up his own private-equity company, now named Red Eagle Ventures Inc. He also is chairman of Eos Airlines Inc., an all-business, trans-Atlantic airline that recently filed for bankruptcy protection.
Mr. Pottruck declined to discuss his exact role at HighTower, and its chief executive, Elliot Weissbluth, also declined to comment on Mr. Pottruck's involvement with HighTower.
But a person familiar with HighTower's plans said it now has a handful of financial advisers and is planning to recruit top producers from major Wall Street firms who are considering going independent.
