HighTower in talks to acquire 10 WealthTrust RIAs

Consolidator could add $6.4 billion in assets at a cost of about $70 million.
APR 07, 2017

Chicago-based jumbo RIA HighTower could add an additional $6.4 billion in assets under management if a deal goes through to acquire most of WealthTrust, a Houston, Texas-based affiliation of RIA firms. According to a report in The Wall Street Journal, HighTower has been discussing an acquisition of 10 of WealthTrust's 12 RIAs from private-equity firm Lee Equity Partners for about $70 million. Lee Equity has held a stake in WealthTrust since 2012. If a deal were to be completed, it could bring HighTower's assets under management to more than $46 billion. The firm, which was formed in 2007, currently has 59 offices in 27 states, as well as 202 financial advisers. WealthTrust has affiliate RIAs in Arizona, Illinois, Kentucky, Missouri, New Mexico, Ohio, Pennsylvania, Texas, Tennessee and Virginia.

Latest News

The power of cultivating personal connections
The power of cultivating personal connections

Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.

A variety of succession options
A variety of succession options

Whichever path you go down, act now while you're still in control.

'I’ll never recommend bitcoin,' advisor insists
'I’ll never recommend bitcoin,' advisor insists

Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.

LPL raises target for advisors’ bonuses for first time in a decade
LPL raises target for advisors’ bonuses for first time in a decade

“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.

What do older Americans have to say about long-term care?
What do older Americans have to say about long-term care?

Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.

SPONSORED The future of prospecting: Say goodbye to cold calls and hello to smart connections

Streamline your outreach with Aidentified's AI-driven solutions

SPONSORED A bumpy start to autumn but more positives ahead

This season’s market volatility: Positioning for rate relief, income growth and the AI rebound