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Hightower Takes Stake in Business Manager to the Wealthy

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RIA Hightower has made an investment in Grant Tani Barash & Altman, a business management firm based in Beverly Hills, California, that provides high-net-worth and ultra-high-net-worth clients with bill payment, tax preparation and other concierge-style financial management capabilities.

“The transaction involved cash and equity” and, “under the terms of the transaction, the principals maintain strategic and management control” of Grant Tani Barash & Altman, a Hightower spokesperson told ThinkAdvisor on Tuesday. Other terms of the deal were not disclosed.

Founded in 1982, Grant Tani Barash & Altman works with high-profile individuals, families and companies in the entertainment industry, as well as business owners and entrepreneurs across the U.S. — both directly and through the wealth management firms and institutions that serve them, Hightower says. The firm has about 80 employees, who are based mainly in the greater Los Angeles region.

“The strategic partnership will provide Hightower advisors across the U.S. with direct, streamlined access to sophisticated business management and family office services for their clients” and their clients’ families, the RIA aggregator said in announcing the deal Tuesday.

Meanwhile, by joining the Hightower community, Grant Tani Barash & Altman will “gain access to middle- and back-office resources and technology to further scale their operations,” Hightower said in a news release.

The transaction is “a departure from our typical RIA investment,” according to Hightower Chairman and CEO Bob Oros. ”The principals have built a business with an impeccable reputation and will continue to run that business while also being able to leverage Hightower resources.

To grow in the wealth management industry today “requires both creativity and discipline in bringing together a mix of value-added resources for advisory firms to leverage,” according to Scott Holsopple, Hightower’s chief growth officer.

“Grant Tani Barash & Altman, as business managers, are a compelling addition to the suite of tools Hightower already offers which include trust services, estate planning, and more; the collaborative possibilities are very exciting for us,” he added.

Grant Tani Barash & Altman will be able to “enhance our client experience through Hightower’s technology, systems, and operations expertise” via the transaction, according to Howard Altman, a principal of the business management firm.

As of Dec. 31, Hightower’s assets under administration were about $144 billion and its assets under management were $117.8 billion.

(Image: Adobe Stock)