Hightower has made a strategic funding in Capital Administration Group of New York, a wealth administration and monetary planning agency with $3.3 billion in property, 38 workers members and workplaces in New York Metropolis and Pearl River, New York.
Hightower’s first introduced deal this yr makes CMG, beforehand affiliated with an unbiased broker-dealer, a part of the wealth administration agency. Hightower made 12 transactions in 2023.
“Capital Administration Group of New York has a repute for creating refined monetary plans, and constructing lasting relationships, that assist their shoppers meet their holistic wealth wants over the brief and long run,” Hightower Chairman and CEO Bob Oros mentioned Tuesday.
“They’re in a pivotal progress section and Hightower can present new alternatives for his or her enterprise by offering extra capabilities aimed to reinforce each the advisor and shopper experiences.”
CMG is the fifth wealth supervisor previously affiliated with an unbiased broker-dealer that Hightower has invested in and introduced into its community. Hightower mentioned it gives advisors and their shoppers providers corresponding to an in-house belief firm and a completely owned CPA agency providing tax planning and preparation providers.
“Our choice to maneuver to an RIA, from the unbiased broker-dealer house was pushed by our steadfast dedication to progress and serving our shoppers’ evolving wants,” CMG founder and managing accomplice Thomas M. Mingone mentioned.
Hightower’s advisor group now includes 138 advisory companies in 35 states and Washington, D.C. As of Sept. 30, Hightower’s property below administration have been roughly $131 billion.
Amongst its earlier offers, Hightower in November introduced a strategic funding in Useful resource Consulting Group, a fee-only RIA based mostly in Orlando with 30 workers members and about $2.5 billion in property below administration.