Hightower has agreed to acquire Lexington Wealth Management, which should add about $3.2 billion in assets under management to its Hightower Signature Wealth business. The RIA also says it plans to announce more deals this quarter.
Lexington Wealth Management is based in Lexington, Mass., and the deal could mean that Hightower Signature Wealth has more than $29 billion in AUM once the transaction closes, Hightower said Tuesday.
Hightower launched Hightower Signature Wealth, a direct-to-consumer advisory practice, in October, saying it welcomed growth-minded registered investment advisors.
"Lexington is representative of the advisors we intentionally look to bring to HTSW – those with a clear client focus and a desire to grow within a more integrated model," according to Hightower CEO Larry Restieri. "As we scale the practice, we are dedicated to enhancing how advisors operate and delivering a more seamless, comprehensive experience for clients."
Lexington employs 25 professionals, including 16 advisors.
"We established Lexington on the principle that effective wealth management combines thoughtful financial guidance and a genuine understanding of what clients are experiencing in their lives," said Kristine Porcaro, Lexington Wealth Management senior managing partner, in a statement. "With HTSW, we'll continue to deliver that balance, with increasing scale and resources to support the needs of our clients for years to come."
As part of HTSW, Lexington will gain access to expanded capabilities, including enhanced investment solutions and operational support, Hightower said.
"One of the most important factors in this decision was ensuring long-term stability for our clients and employees," according to Mike Tucci, senior managing Partner at Lexington Wealth Management. "Joining HTSW preserves the personalized, relationship-driven approach that defines our practice, while strengthening the overall organization."
Hightower Signature Wealth recently announced plans to acquire Journey Strategic Wealth, which works with about $5 billion in asset. Overall, Hightower includes 652 advisors in 33 states and Washington, D.C. Along with its affiliates, it managed about $352 billion in assets as of Dec. 31 and added five advisory practices earlier this year.
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