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Hightower has made a strategic investment in Siller & Cohen Family Wealth Advisors, an $830 million wealth management firm in Rye Brook, New York, with 11 employees, including five advisors.

The unspecified investment is the RIA aggregator’s third M&A transaction announced in 2021. Hightower previously said it acquired Bel Air Investment Advisors, a Los Angeles-based wealth management firm with $8 billion of assets under management and 10 advisors that represented the largest acquisition in Hightower’s 12-year history.

Hightower also said Jan. 12 that it facilitated a sub-acquisition for Lexington Wealth Management, a Hightower advisory business in Lexington, Massachusetts. Hightower’s three transactions so far this year follow nine transactions by the company in 2020.

Joining Hightower provides Siller & Cohen with access to the firm’s operational, investment management and business acceleration services, as well as advanced technology, helping the group enhance its offering to clients and catalyze growth, Hightower said Tuesday.

Siller & Cohen was founded in 1988 by Randy Siller and Jeffrey Cohen. The group provides multi-generational, comprehensive financial planning, investment management, estate planning, risk management, active tax management, and business exit and succession planning services to entrepreneurs and business owners, C-suite executives and other high-net-worth and ultra-high-net-worth individuals and families. Its specialties include planning for clients facing divorce.

“We’re not disclosing specific terms of the transaction,” which closed Dec. 31, Hightower CEO Bob Oros said Tuesday. “What we can say is that Hightower has taken a significant stake, in a transaction that involved a mix of cash and equity.”

Siller & Cohen “approached us directly” about a deal and “we started the dialogue in August,” he said.

Explaining why his firm decided to invest in Siller & Cohen, Oros called it a “highly successful business serving affluent clients with complex financial lives,” noting that it “has a prominent reputation in the New York metro area for its highly effective estate planning methodology and holistic wealth management for multiple generations of families.”

Hightower’s many services — “from investment management insights to marketing and business development support — are highly suited to helping us enter the next chapter of our growth,” Cohen said in a statement.

“We are excited to consult with the Investment Solutions group about our asset allocation models and content needs, and will work closely with the Hightower marketing team to build out a range of multimedia vehicles to engage with our clients and potential clients.”

Siller & Cohen considered nine strategic partners but “chose Hightower because we were impressed with their people, their intellectual capital and their institutional-level infrastructure, which will help us serve more families and support our growth,” Siller said in the announcement.

“We are looking forward to leveraging Hightower’s integrated technology for opening accounts, managing portfolios, viewing held-away assets and providing clients with access to their full financial picture via the mobile client portal.”

Hightower has 267 advisors at 115 advisory businesses in 33 states. As of Dec. 31, it had assets under administration of about $102.5 billion and AUM of $79.6 billion.


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