By Hightower Advisors / March 31, 2022
The $2.7 billion firm in Purchase, N.Y., delivers consulting and advisory services for high and ultra-high-net-worth clients, incorporating a proprietary direct indexing solution and tax-advantaged portfolio management. Altium’s tax-aware solutions will be made available to all Hightower advisors and clients.
CHICAGO, March 30, 2022 – Hightower today announced it has made a strategic investment in Altium Wealth Management (“Altium”), a $2.7 billion firm in Purchase, N.Y. focused on delivering wealth management and advisory services for high and ultra-high-net-worth clients and their families.
Founded in 2010, Altium provides integrated and purpose-aligned wealth management services to clients including business leaders, entrepreneurs and professionals. The firm specializes in risk-based, low-cost and tax-efficient portfolios delivered via its comprehensive consulting and proprietary direct indexing solution to help clients protect and grow wealth. With 39 employees, including 18 advisors, Altium is heavily focused on elevating its next generation of leaders to expand client relationships and foster growth.
Hightower advisors will gain access to Altium’s direct indexing solution, which will enable them to create customized portfolios in accordance with clients’ tax objectives and investment preferences. The direct-indexing tools will be part of Hightower’s valued-added investment solutions that advisors can use to complement their own portfolio construction.
“Altium is a fast-growing business that is passionate about providing clients with tax-aware planning and portfolios that align with their individual goals, delivered via personalized consulting and their direct-indexing solutions,” said Bob Oros, chairman and CEO of Hightower. “We are excited to leverage Altium’s specialized portfolio customization capabilities and make them available to Hightower advisors and clients while, at the same time, supporting the Altium team in attracting new client relationships and scaling.”
Altium has achieved double-digit organic growth over the past 12 years, adding to both its client roster and team. As part of Hightower, the group’s principals will seek to also grow inorganically to expand the business and serve more clients in the northeast and beyond.
“Over the past 12 years we have developed a business model solving for what we would want as clients ourselves. Our inherent motivation to be disruptors in the industry paired with the clients that we are fortunate to serve has driven our success, yet we recognize that we would benefit from greater operational support and scale,” said Jim Dowling, one of Altium’s founders. “Hightower provides that support with business consulting, marketing and other meaningful value-added services to help us expand and enhance our wealth management offerings.”
Anthony DeStefano, another of the firm’s founders, added: “Since the firm’s founding in 2010, we have steadily grown both our assets under management and number of families we work with. We thought carefully about when to take this next step with a partner to help us achieve our expectations for continued double-digit growth while continuing to maintain the highest standards for client service. We have no doubt that Hightower is the right partner and now is the right time.”
Hightower offers its 123 advisory businesses in 34 states and the District of Columbia a range of services designed to catalyze and accelerate organic growth, including business development consulting, leadership and team development, talent acquisition, marketing support, technology, investment management resources, compliance, accounting, payroll and human resources. Inorganic growth services include sourcing, valuation, deal structuring, due diligence, legal and regulatory, pre- and post-close integration, and capital resources for M&A transactions. Advisory groups that partner with Hightower also gain access to economies of scale, deep industry relationships and a nationwide advisor community.
As of December 31, 2021, Hightower’s assets under administration (AUA) were approximately $144 billion and its assets under management (AUM) were $117.8 billion.
Park Sutton and Alston & Bird advised Altium Wealth Management on the deal, which is expected to close in the second quarter of 2022.
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.
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.