News

Hightower Facilitates Lexington Wealth Management’s Third Sub-Acquisition This Year

By Hightower Advisors / December 2, 2021

Lexington is adding Thompson Wealth Management, a $340 million AUM firm in Concord, Mass., to its growing team of wealth management professionals.

CHICAGO – Dec. 2, 2021 – Hightower today announced that it is helping facilitate another sub-acquisition for Lexington Wealth Management (“Lexington”), a Hightower advisory business based in Lexington, Mass. Thompson Wealth Management, a firm with $340 million in assets under management (AUM), will be the third team to join Lexington’s growing team of financial advisory professionals, bringing its AUM to $2.4 billion.

Thompson Wealth Management has a 30-year track record of providing financial planning, investment management and family-office style services to entrepreneurs, executives and successful professionals. Founder Bruce Thompson envisioned a firm that was fiduciary-based and fee-only, and has built the firm to a team of four, including three advisors.

“We provide a variety of services to our clients; this partnership will allow us to expand that range while still keeping the boutique feel our clients expect of us. We were drawn to Lexington because of the people and culture, which aligned nicely with our own,” said Mr. Thompson, president. “With this move to Lexington and Hightower, we are excited to leverage the resources of a national RIA with size, scale and an extensive array of value-added services such as investment management and national trust capabilities.”

In the Thompson transaction, Hightower’s M&A team assisted Lexington in its deal structuring, due diligence and legal negotiations, and will provide post-close integration. Earlier this year, Hightower supported Lexington in adding Marcus Financial Advisors of Beverly, Mass., and is supporting Lexington in the addition of Freed Investment Group of Boston, Mass., which is expected to close in the fourth quarter of 2021.

“Bruce and the team are an outstanding group of advisory professionals who, like us, firmly believe that wealth management should aim to address the emotional aspects of investing, connecting the head and the heart to help clients and their families plan for the future and live a balanced life,” said Mike Tucci, CEO at Lexington. Kristine Porcaro, president, added: “This cultural alignment is critically important to us as we join forces with Thompson to care for our collective clients now and in the years to come.”

Hightower Chairman and CEO Bob Oros added: “When Lexington joined Hightower in 2019, one of its key objectives was to leverage the expertise of Hightower’s M&A team to help with inorganic growth. It has been a pleasure supporting Mike and Kristine with their three transactions this year. We look forward to what’s next for them and their growing organization.”

As of September 30, 2021, Hightower’s assets under administration (AUA) were approximately $132.2 billion, and its assets under management (AUM) were $104.1 billion. Hightower has 120 advisory businesses in 34 states and the District of Columbia.

David Selig of Advice Dynamics Partners served as an advisor to Thompson Wealth Management for the transaction.

The Thompson Wealth Management transaction is expected to close in the fourth quarter of 2021.

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.

Media Contact:

Patty Buchanan
JConnelly
(973) 567-9415
pbuchanan@jconnelly.com

Hightower Advisors is registered with Hightower Securities, LLC, member FINRA and SIPC, and with Hightower Advisors, LLC, a registered investment advisor with the SEC. Securities are offered through Hightower Securities, LLC; advisory services are offered through Hightower Advisors, LLC.

This is not an offer to buy or sell securities. No investment process is free of risk, and there is no guarantee that the investment process or the investment opportunities referenced herein will be profitable. Past performance is not indicative of current or future performance and is not a guarantee. The investment opportunities referenced herein may not be suitable for all investors.

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This document was created for informational purposes only; the opinions expressed are solely those of the team and do not represent those of Hightower Advisors, LLC, or any of its affiliates.