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January 26, 2021 at 02:35 PM
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.
