RIA Hightower says it has taken a “significant” equity stake in Hart Financial Group, an $800 million financial advisory firm in Austin, Texas, that has five advisors.
Hightower, which declined to state how much it paid or exactly what percentage of Hart it now owns as part of the transaction, said the deal closed Friday.
This deal is Hightower’s eighth transaction so far this year, following the stake it took in Argent Wealth Management in August. Including Hart, Hightower now has 113 advisory businesses in 33 states, it says.
“Hart Financial Group is a robust team with a strong succession lineup of advisors poised for further growth,” according to Hightower CEO Bob Oros. The RIA consolidator will “provide the infrastructure, business strategy and support to power the next phase of their business development,” he added.
Hart’s “knowledge of investment management, wealth transfer strategies and insurance solutions truly make their advisors stand out,” explained Oros, in a statement.
As of Sept. 30, Hightower’s assets under administration were about $81.4 billion and its assets under management were $61.6 billion.
“Hightower’s infrastructure, collaborative culture and support for entrepreneurship will enable us to grow our business, deepen our client relationships and spend more time on our clients’ financial planning,” according to Corey Hart, founder and partner of Hart Financial Group.
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