By Hightower Advisors / August 3, 2021
Hightower nearly doubles its AUM in the last 2 ½ years following 17 acquisitions and strong organic growth
CHICAGO – Aug. 3, 2021 – Hightower today announced that it has surpassed $100 billion in assets under management (AUM) after more than two years of a refreshed strategy, rapid transition and growth for the firm. As of June 30, 2021, Hightower’s AUM was $101 billion, versus $54 billion in January of 2019.
Since January 2019, Hightower has completed 17 acquisitions, 11 of which were registered investment advisory firms (RIAs) with assets of $1 billion or more. The firm now has 115 advisory businesses in 34 states and the District of Columbia.
As Hightower has expanded its presence nationwide, employee numbers more than doubled, reaching 1,120 this year compared to 530 in early 2019. In recognizing Hightower’s growing valuation under Chairman and CEO Bob Oros, who joined the company in January 2019, Hightower’s lead investor Thomas H. Lee Partners, L.P., closed a secondary transaction in December 2020 to provide both new and follow-on capital to Hightower, with additional top-tier investors.
Hightower has not only accelerated growth, the firm has also evolved culturally. In 2020, Hightower rebranded with the new tagline “well-th. rebalanced,” reflecting the firm’s commitment to holistic financial wellness for clients, advisors and the entire Hightower community.
“Hightower’s organic growth this year is tracking at a 9% annualized rate. This validates our belief that providing financial advisory businesses with institutional-quality services and scalability while nurturing their individuality is the key to attracting net new assets,” said Bob Oros, Chairman and CEO of Hightower. “We are immensely grateful to our talented team of advisors, our support and service professionals, Board and investors for all that we have achieved. If we can do all of this in just 30 months, the sky is the limit in the coming years.”
As Hightower has grown, it has invested in value-added services for advisors. The Investment Solutions group, which offers advisors support with portfolio construction and strategy, saw an eightfold increase in its AUM in the 30-month period. The Hightower Center for Leadership, the firm’s management training program for next-gen advisors, is currently coaching its first class of 42 advisors and is set to start its second class in the first quarter of 2022.
Later this year, the company will launch the Hightower National Trust Company, providing Hightower advisors with corporate and administrative personal trust services to support their clients' holistic planning and wealth-transfer needs across generations. Trust and other value-added services are critical to helping Hightower advisors gain new assets, and play a key role in Hightower attracting top-tier advisory businesses with a strong orientation to growth.
Hightower advisory business have access to business development consulting, leadership and team development, marketing support, technology, investment management resources, compliance, accounting, payroll and human resources. Inorganic growth services include M&A sourcing, valuation, deal structuring, due diligence, legal and regulatory, pre- and post-close integration, and capital resources for transactions.
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.
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.
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