News

Hightower Completes Strategic Investment in Capital Management Group of New York

By Hightower Advisors / January 9, 2024

Hightower Enables Full-Service Wealth Manager, Formerly Affiliated with an Independent Broker-Dealer, to Scale and Grow its Business

CHICAGO—January 9, 2024—Hightower announced today that the firm has made a strategic investment in Capital Management Group of New York (“Capital Management Group” or “CMG”), a wealth management and financial planning firm with $3.3 billion in assets and offices in New York City and Pearl River, N.Y. This is Hightower’s first announced deal of 2024 after announcing 12 transactions in 2023.

Founded in 1992, CMG takes a balanced approach to wealth management, going beyond retirement planning by integrating tax-advantaged investing, asset allocation, protection planning, charitable giving, legacy and estate planning strategies, and more into clients’ holistic financial plans. The firm consists of 38 team members in total, including six partners who are co-owners and six other advisors. Previously affiliated with an independent broker-dealer, CMG is now part of Hightower.

“Capital Management Group of New York has a reputation for creating sophisticated financial plans, and building lasting relationships, that help their clients meet their holistic wealth needs over the short and long term,” said Hightower Chairman and CEO Bob Oros. “They are in a pivotal growth phase and Hightower can provide new opportunities for their business by providing additional capabilities aimed to enhance both the advisor and client experiences.”

CMG is the fifth wealth manager formerly affiliated with an independent broker-dealer in which Hightower has made a strategic investment and successfully onboarded onto its network. With a range of value-added resources, including a national in-house trust company and a wholly owned CPA firm operating as a tax subsidiary offering high-end tax planning and preparation services, Hightower aims to create an environment for advisors to better align themselves with clients’ needs and experience the next phase of independence for their businesses.

“Our decision to move to an RIA, from the independent broker-dealer space, was driven by our steadfast commitment to growth and serving our clients’ evolving needs,” said Thomas M. Mingone, Founder and Managing Partner of Capital Management Group. “Gaining access to Hightower’s rich and robust suite of services and tools, combined with the deep knowledge and partnership within the community, will spearhead the next evolution of our business. We are confident we have found the right home for our practice.”

The nationwide Hightower advisor community now comprises 138 advisory businesses in 35 states and the District of Columbia. Hightower offers a wide range of services for accelerating organic growth, including business development consulting, leadership and team development, talent acquisition, marketing support, technology, investment management resources, compliance, accounting, payroll, and human resources. Advisory groups that partner with Hightower also receive access to inorganic growth services such as sourcing, valuation, deal structuring, due diligence, legal and regulatory, pre- and post-close integration, and capital resources for M&A transactions. As of September 30, 2023, Hightower’s assets under management (AUM) were approximately $131 billion.

In the transaction, Capital Management Group was advised by William Blair & Company.

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.

Securities offered through Hightower Securities, LLC member FINRA/SIPC. Hightower Advisors, LLC is a SEC registered investment advisor.

Press Contact
Daniel Delson, Magnitude, Inc.
Daniel@magnitude-growth.com

Hightower Advisors is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC (member FINRA and SIPC). Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC.

This is not an offer to buy or sell securities, nor should anything contained herein be construed as a recommendation or advice of any kind. Consult with an appropriately credentialed professional before making any financial, investment, tax or legal decision. No investment process is free of risk, and there is no guarantee that any investment process or investment opportunities will be profitable or suitable for all investors. Past performance is neither indicative nor a guarantee of future results. You cannot invest directly in an index.

These materials were created for informational purposes only; the opinions and positions stated are those of the author(s) and are not necessarily the official opinion or position of Hightower Advisors, LLC or its affiliates (“Hightower”). Any examples used are for illustrative purposes only and based on generic assumptions. All data or other information referenced is from sources believed to be reliable but not independently verified. Information provided is as of the date referenced and is subject to change without notice. Hightower assumes no liability for any action made or taken in reliance on or relating in any way to this information. Hightower makes no representations or warranties, express or implied, as to the accuracy or completeness of the information, for statements or errors or omissions, or results obtained from the use of this information. References to any person, organization, or the inclusion of external hyperlinks does not constitute endorsement (or guarantee of accuracy or safety) by Hightower of any such person, organization or linked website or the information, products or services contained therein.

Click here for definitions of and disclosures specific to commonly used terms.