Hightower Advisors is buying part of Frontier Investment Management, a Dallas-based wealth advisory firm with nine offices and $3.3 billion in assets under management.
Founded in 1994, Frontier has three offices in Texas, as well as offices in Arizona, California, Colorado and Florida. It also has 42 employees, including 35 who work directly with clients in an advisory capacity.
“Frontier is a successful business with a talented, energetic next generation that are poised to scale,” according to Hightower CEO Bob Oros. “Hightower is excited to be providing them with the middle- and back-office support, capital, time and resources they need to grow organically and through acquisitions.”
Frontier — led by principals Brian Hattendorf, Richard Sowden and Gary Schoen — looked at nine different partner firms before deciding to work with Hightower.
“At a time of significant consolidation and change in the industry, Hightower’s intellectual capital and institutional-quality infrastructure will give us the ability to nurture our next generation of leaders, expand our reach and scale our business,” according to Hattendorf.
This is Hightower’s third deal so far this year, and it brings the firm to a total of 108 advisory businesses in 33 states. As of June 30, Hightower’s assets under administration were close to $76 billion and its AUM was almost $57 billion.
— Check out Hightower’s Stephanie Link: Work Hard and Don’t Burn Bridges on ThinkAdvisor.