News

Hightower Makes Strategic Investment in Stearns Financial Group

By Hightower Advisors / August 21, 2020

The North Carolina-based wealth management firm will leverage Hightower’s middle- and back-office infrastructure along with specialized capabilities to enhance service and care to clients

CHICAGO – Aug. 25, 2020 – Hightower today announced it has made a strategic investment in Stearns Financial Group, a $1.3 billion wealth management firm based in North Carolina with clients nationwide.

Established in 1991, Stearns Financial Group (SFG) will leverage Hightower’s operational infrastructure, business owner planning, marketing support, family office and investment management resources to enhance service to new and existing clients. SFG is Hightower’s 6th transaction in 2020. Including this transaction, Hightower now has 111 advisory businesses in 33 states.

With offices in Chapel Hill and Greensboro, N.C., SFG has 32 employees, including 12 advisors, who serve business owners, executives, multi-generational families, women in transition, and the emerging affluent. The firm puts a special focus on helping individuals and families manage and grow generational wealth. SFG also helps business owners maximize value and transition to the next phase of their life. A recently added service line provides advice and wealth management for those with both emerging affluence and influence.

“It’s fantastic to be welcoming such a well-respected financial group into the Hightower community,” said Bob Oros, Hightower CEO. “Stearns Financial Group is exactly the kind of business that Hightower looks for in a strategic investment: a high-performing firm that uses an in-depth, multi-scenario approach to wealth management to help their clients live purposeful lives and make confident financial decisions.”

“This is a natural strategic evolution for Stearns Financial Group,” said Dennis Stearns, CFP®, founder and President. “Being a part of Hightower’s powerful community of advisors will allow us to leverage the benefits of a national RIA while maintaining our well-established brand, culture and business structure. The SFG team will continue to provide the professional financial planning, investment management and high touch service our clients have come to know and love, while Hightower brings back office support, advanced technology and NextGen training to our team.”

“We are pleased by how our partnership with Hightower will open up the next chapter of growth and sustainability for our firm.” said John Thomas, CFA, CFP®, a senior wealth advisor and partner at SFG. “We are very gratified by the growth we’ve experienced over the past decade, yet we recognize the synergy a great partner with national scale brings. Hightower will enhance our day-to-day operational effectiveness, allowing us to focus even more keenly on serving our high net worth clients.”

“Hightower gives us access to an even broader array of wealth management, family office and trust options,” said Haleh Moddasser, CPA, a senior wealth advisor and partner at SFG. “While we plan to maintain our own investment team and thus make the most appropriate portfolio decisions for our clients, we will also be discussing how to utilize the additional tools and resources they provide. Stearns Financial Group will remain a fiduciary wealth management firm, providing the advice and solutions our clients need as they work toward realizing their goals.”

Hightower offers independent-minded advisory businesses a capital-rich partner and customizable suite of services designed to help accelerate both organic and inorganic growth. Hightower provides an advanced, integrated advisor platform – including technology, compliance, accounting, payroll, human resources, investment management services and marketing support. Advisory groups that partner with Hightower also gain access to business development consulting, leadership and team development, economies of scale, deep industry relationships and a nationwide advisor community.

As of June 30, 2020, Hightower’s assets under administration (AUA) were approximately $75.7 billion and its assets under management (AUM) were $56.7 billion. The company grew 9.6% organically in 2019, up from 8% in 2018.

The transaction is expected to close by the 4^th quarter of 2020, subject to regulatory approvals and other customary closing conditions.

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

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