HighTower Advisors says it has a new partner firm: Green Square Wealth Management, a $2.6 billion fee-only advisory group in Memphis, Tennessee.
Green Square Wealth was founded by Darrell Horn earlier this year. In 2001, he helped form Green Square Capital after his departure from Goldman Sachs.
“Darrell and his team have built a distinctive wealth-management, family-office and investment-advisory offering for ultra-high net worth entrepreneurs and their families, as well as institutions. We are honored that they have chosen HighTower to help scale their business,” according to HighTower CEO Bob Oros.
The partnership with Green Square Wealth is HighTower’s 22nd RIA transaction and the first since Oros was tapped as the firm’s new CEO in early January.
“Partnering with HighTower will allow us to re-allocate our resources to serving new and existing clients, while shifting the middle and back-office work to HighTower. This will allow us to continue to provide impeccable client service and maintain our growth trajectory in a more efficient way,” explained Horn in a statement.
With this transaction, HighTower — which is supported by Thomas Lee Partners — will be working with 94 advisory firms with total client assets of about $68.6 billion.
Alex. Brown’s Newest Advisor
Alex. Brown, a division of Raymond James, says it has welcomed advisor Barry Kolano in Boston. Kolano joins Alex. Brown from Wells Fargo Advisors, where he managed more than $113 million in client assets.
He has been in the financial services industry for more than 30 years and serves a variety of clients, including professional athletes and high-net-worth families.
“I was drawn to Alex. Brown because of its long history and special boutique culture, backed by the large scale resources and support at Raymond James … ,” according to Kolano. “Having the independence, flexibility and opportunity to adapt as my practice grows was also an important part of my decision to make the move.”
Kolano began his financial services career in 1984 with E.F. Hutton. He later joined A.G. Edwards, a predecessor firm of Wells Fargo Advisors.
“With over three decades of experience, Barry is a talented advisor with a demonstrated commitment to providing excellent client service,” said Stephen Pryor, a regional executive for Alex. Brown, in a statement. “I’m pleased that he found the client-focused culture and support offered by Alex. Brown and Raymond James to be the optimal fit for him and his clients as he continues to grow his business.”
Mercer M&A Development
RIA Mercer Global Advisors said it has acquired Arbor Asset Management, a wealth group in Ann Arbor, Michigan, with about $350 million in client assets. Arbor was founded in 1996 by Neil Paolella; he and his four team members will be joining Mercer Advisors.
The Arbor purchase brings Mercer Advisors’ total offices to 39 and it total assets to roughly $15 billion.
“After months of due diligence and getting to know one another, Neil saw in us what we saw in him: an unwavering commitment to excellence,” according to Dave Barton, who leads Mercer’s M&A activity. “We share the same business values, and cultural alignment is apparent. This is a true win-win transaction.”
Highland Capital Brokerage, which is a unit of Ladenburg Thalmann, says Oak & Stone Capital Advisors has joined its Constellation platform with about $150 million in client assets. The platform includes turnkey support in marketing, processing, carrier selection and other services for insurance offerings.
Oak & Stone is the first firm to join Highland’s Constellation platform, which was started last year to push its business into the independent financial-services space. The group includes 12 advisors and is based in Tunkhannock, Pennsylvania.
It is led by Christopher Manci and Seth Diener, who have 34-plus years of client service on a combined basis at Nationwide, where they worked before starting Oak & Stone in 2018.
“Our participation in Highland’s Constellation platform puts us in a strong position to do just that – without having to invest in internal marketing specialists, processing infrastructure or other systems,” according to Manci.
Paul Lofties, head of Wealth Management at Ladenburg Thalmann, said: “We’re proud of how Highland is continuing to grow as a brokerage of diversified insurance solutions to financial advisors.”