News

Hightower Makes Strategic Investment in Altium Wealth Management

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, 2022Hightower 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.

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.

All data and information reference herein are from sources believed to be reliable. Any opinions, news, research, analyses, prices, or other information contained in this research is provided as general market commentary, it does not constitute investment advice. The team and HighTower shall not in any way be liable for claims, and make no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information, or for statements or errors contained in or omissions from the obtained data and information referenced herein. The data and information are provided as of the date referenced. Such data and information are subject to change without notice.

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.

Hightower Logo

200 W Madison, 25th Floor
Chicago, IL 60606
(312) 962-3800

300 Madison Ave, 29th Floor
New York, NY 10017
(917) 286-2717

405 Lexington Ave, 42nd Floor
New York, NY 10174
(917) 286-2706

Legal & Privacy
Web Accessibility Policy

Hightower Advisors, LLC is a SEC registered investment adviser. Registration as an investment adviser does not imply a certain level of skill or training. Some investment professionals may also be registered with Hightower Securities, LLC and offer securities through Hightower Securities, LLC, member FINRA/SIPC. You can check the background of our firm and investment professionals on brokercheck.finra.org. Unless otherwise indicated relative to a specific award or ranking, Hightower Advisors, LLC does not pay a fee to be considered for any ranking or recognition, but may have paid to publicize rankings obtained and disseminated prior to 11.4.2022. All awards / rankings / ratings obtained and distributed on or after 11.4.2022 will be accompanied by specific disclosure as applicable.

© 2023 Hightower Advisors. All Rights Reserved.