The wealth management industry is at an interesting inflection point, as advisors in the independent space search for more than just capital. HighTower’s Executive Director of M&A Marc Cabezas says this is exactly what differentiates the firm: HighTower has far more than capital power to bring to the table.
In an interview at the 2019 HighTower Advisor Summit, Cabezas said that RIAs are looking for three things. First, they want to know how to scale their practices to the next level. Second, they want to turbo-charge what they’re already doing, but do it more efficiently. And third, they want to create a perpetual legacy for their practices that extends beyond the original owners and into the next generation.
“Our model brings all three of those value-adds to the independent advisor while preserving the entrepreneurial fabric of their business,” Cabezas said.
So, what does HighTower look for in a potential partner?
First and foremost, Cabezas said HighTower wants advisors who are true fiduciaries—advisors who put their clients’ best interests before their own. Secondly, partner businesses must be growth-oriented and forward-thinking.
“We want to be the growth enabler for the independent space,” he said. “So, the businesses that we’re bringing in ultimately have to have ambitions to grow and scale their practices far beyond what we otherwise see in the industry.”
Finally, Cabezas says the ideal partner practice must want to be a part of something bigger than their individual brand or business.
“That sense of community is what sets us apart from other strategic investors in the marketplace,” said Cabezas.
With three partnership deals already on the books for 2019 and more to come, it’s safe to say HighTower is having no trouble finding advisory businesses that meet its high standards, and Cabezas says he is excited for this momentum to continue.
“We couldn’t be happier with this trend, and we’ve got some more exciting deals to announce in the future.”
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