Chicago-based RIA Hightower on Tuesday announced it acquired three advisor firms already affiliated with it and added them to Hightower Signature Wealth (HTSW), the firm’s national direct-to-consumer advisory practice.
The purchases of Oak Brook, Illinois-based Private Vista; Valparaiso, Indiana-based Hightower Great Lakes; and Half Moon Bay, California-based The McGuirk & De Nevi Group collectively added about $5 billion in assets under management (AUM), six offices and more than 40 team members to HTSW, further enhancing its ability to serve clients through a unified wealth management platform, Hightower said.
All three transactions closed as of Monday, a Hightower spokesperson told Wealth Solutions Report.
“These advisors share our commitment to delivering an exceptional client experience and recognize the value of giving advisors back more time in their days,” Larry Restieri, CEO of Hightower, said in a news release. “The continued growth of Hightower Signature Wealth reflects the demand for a wealth management model that combines local relationships with institutional-quality capabilities.”
This year the firm added over $25 billion in AUM as of June 30 from both internal and external acquisitions into HTSW, Hightower said.
“Joining Hightower Signature Wealth is a natural evolution of our longstanding partnership with Hightower,” according to Jim Weil, Managing Partner of Private Vista. “It provides a strong long-term home for our clients and team while giving us access to additional resources to support future growth.”
“Hightower One was a key factor in our decision,” said Tim Scannell, Managing Partner of Hightower Great Lakes. “The integrated platform will allow us to spend less time on administration and more time focused on delivering value to clients.”
“Hightower Signature Wealth gives us access to the resources and infrastructure needed to continue growing while maintaining the personalized experience our clients expect,” said Michael De Nevi, Managing Partner of The McGuirk & De Nevi Group.
Following the three latest additions, HTSW now has about $35 billion in AUM, over 140 advisors and more than 40 offices, Hightower said.
In April, Hightower announced the acquisition of The Bahnsen Group and also said it added Lexington Wealth Management to HTSW.
In March, Hightower announced its first external HTSW acquisition with the addition of Journey Strategic Wealth.
In January, Hightower announced the additions of five advisory practices to HTSW: Fairport Wealth, Hightower Wealth Advisors | St. Louis, HT|TC Wealth Partners, RDM Financial Group and The Rikoon Group.
Hightower announced the launch of HTSW in October.
Hightower expects to announce more acquisitions into HTSW in the coming months, it said.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
