Hightower Invests in Tax Firm
GMS Surgent will become a “wholly owned tax subsidiary,” giving advisors access to complex tax and advisory services.
Hightower says it has made a strategic investment in GMS Surgent, a suburban Philadelphia-based tax and advisory firm that provides high-net-worth and business clients with tax advice and advisory services.
Under the deal, GMS Surgent will become a “wholly owned tax subsidiary” of Hightower, according to a press release published by the firms.
GMS Surgent specializes in accounting, tax preparation and other tax and wealth planning capabilities. Through the new partnership, Hightower advisors will have direct access to sophisticated tax management services for their clients and their families.
In the release, Hightower Chairman and CEO Bob Oros says the firm was “thrilled” to welcome GMS Surgent into the Hightower community, noting that the collaboration enables Hightower to provide its advisors with a vetted resource to deliver comprehensive tax services to clients — all via a “seamless experience.”
Oros adds that delivering holistic wealth services is the firm’s foremost mission, “and this alliance empowers advisors to focus on their core services and strengthen relationships with clients.”
GMS Surgent is led by managing partners Brian Gallagher, Jack Surgent and Lauren Adamski. The firm was established in 1992 and has a team of 30 employees.
“As we work closely with Hightower, we are excited to have the opportunity to enhance the client experience with our knowledge of tax planning and business consulting,” Gallagher says.
According to Hightower, the addition of GMS Surgent as a subsidiary underscores the firm’s ongoing investment in its wealth solutions platform, a suite of services that positions advisors to deepen client relationships by meeting their many financial needs.
As a wholly owned tax subsidiary, the GMS Surgent team will add to the tools Hightower already offers, which include trust services, estate planning, insurance placement, business owner services and more.
In a statement sent in response to an inquiry from ThinkAdvisor, a Hightower representative confirmed GMS Surgent now represents the firm’s first subsidiary solely dedicated to providing tax and accounting service.
“Some tax services are currently offered by Hightower’s service company entity on a small scale,” the statement explains. “These are usually outsourced engagements to third-party CPA firms.
“CPA services are important for advisors interested in serving their clients holistically, and this partnership brings additional value-added services offerings for advisors (what Hightower calls Wealth Solutions) to deepen existing relationships and accelerate organic growth,” the firm added.
According to the representative, Hightower has previously invested in firms that aren’t registered investment advisors. Last year, for example, Hightower invested in business management firm Grant Tani Barash and Altman.
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