Hightower Advisors, a Chicago-based aggregator of registered investment advisors, has taken a stake in Vigilant Wealth Management, a firm overseeing $2.3 billion in assets for 500 households in Maine and New Hampshire, the firm announced today.
Vigilant, which was founded in 2002, has offices in Portland, Maine, and Portsmouth, New Hampshire. It has 31 employees, including 11 advisors, and is led by its co-founding principals: Jeffrey F. Carlisle, Daniel M. Mulkern and Scott D. Sorenson.
"We chose to align with Hightower because of their partnership approach — providing scaling and strategic planning resources to our firm, while leaving us with the entrepreneurial freedom to control the identity, culture and strategic direction of Vigilant," Carlisle said in a statement. "We also share a focus in developing next-generation talent.”
Hightower said the deal, its fifth this year, expands its footprint in the Northeast. In May, it announced an investment in TEN Capital Wealth Advisors, a Washington state wealth management firm with $1 billion in assets.
As of March 31, Hightower reports $148.2 billion of assets under administration and $119.9 billion of assets under management.
Terms of the transaction were not disclosed. Cambridge International Partners served as Vigilant Wealth Management’s advisor.
New chief executive Rich Steinmeier replaced Dan Arnold on October 1.
The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.
Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.
New survey finds varied levels of loyalty to advisors by generation.
Busy day for results, key data give markets concerns.
A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.
Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.