Hightower has acquired a stake in Monetary Planning and Data Companies, a registered funding advisor managing greater than $1.1 billion in property below administration out of De Pere, Wis. Phrases of the deal weren’t disclosed.
This represents Hightower’s fifth funding this 12 months and follows information final week that it agreed to take a majority stake in NEPC, an institutional consulting agency and outsourced chief funding officer.
FPIS was based in 1985 by Lon Mishler, and the agency is at present led by President and CEO Ryan Wempe and vice presidents Dan Budinger and Rachel Brown. The Hightower deal will permit the RIA to advertise Brock Becker and Carl Ekstrom, affiliate advisors, to companions. The 16-person group will retain its model.
“As our client-centric follow continues to develop, we’re happy to hitch the Hightower group, getting access to new providers and instruments that may assist us higher information our shoppers by means of the triumphs and the challenges of life,” Wempe mentioned.
Advisor Progress Methods suggested FPIS on the deal.
Hightower’s providers for corporations embrace boosting natural and inorganic development by means of enterprise improvement consulting, advertising and tech assist, in addition to compliance, accounting, payroll and human assets providers.
Chicago-based Hightower operates as an RIA and works with corporations in 35 states and Washington, D.C. With the addition of NEPC, Hightower and its associates will characterize over $1.8 trillion in property below advisement and $258 billion in property below administration.
Hightower is owned by personal fairness agency Thomas H. Lee Companions; in Could, WealthManagement.com reported the personal fairness agency took Hightower off the market as a result of it didn’t get the worth it was on the lookout for from potential consumers, in line with sources near the agency and the funding bankers concerned.
In April, Hightower named Gurinder Ahluwalia, the lead director of the agency’s board of administrators, as president, a newly created place. Ahluwalia is an government accomplice in THL’s monetary know-how and providers vertical.
