Hightower Advisors says it has invested in Wellspring Associates, a wealth group that focuses on estate, tax and other issues for investors with $50 million or more in assets. By partnering with Hightower, Wellspring can now reach families with assets of $5 million and up.
“As an estate and tax-planning business, the Wellspring transaction represents a new dimension of Hightower’s M&A activity: We are actively using our size and scale to provide additional resources, capabilities and value to our advisors,” said Hightower CEO Bob Oros in a statement.
Founded in 1981, Wellspring has five wealth teams, 15 employees and offices in Atlanta and Dallas.
“Hightower is providing us with an unprecedented opportunity to collaborate with its advisors and business development team to find ways to add value to our collective client relationships … [and] will help us exponentially grow and scale our client base,” according to Greg Raabe, managing director at Wellspring.
Hightower’s assets under administration were about $77 billion and assets under management $57 billion at year end. It is partly owned by Thomas H. Lee Partners.
Allworth Financial, formerly Hanson McClain Advisors, has acquired Houston Asset Management (HAM), which works with $450 million of client assets. This brings Allworth’s total AUM to roughly $8 billion.
“Despite the current uncertainty in response to COVID-19, we believe it is critical to continue to find great partners and invest in the RIA space,” said Scott Hanson, co-CEO at Allworth, in a statement.