Hightower is likewise concentrated on the 2 tracks of development– assisting its advisory teams build their organization and acquiring brand-new companies, a trend that Oros anticipates to continue into the foreseeable future.
Landsberg Bennetts latest Form ADV noted the firms possessions under management at simply over $877.4 million, however that filing came in March, and a Hightower representative states that the $1 billion figure “is the more existing AUM.”
The firm likewise caters to mass-affluent customers through Hibiscus Investments, what it refers to as a sister brand name used under the Landsberg Bennett RIA.
Oros confirmed that the offer involved cash and equity, however decreased to provide particular terms, stating just that Hightower got all of Landsbergs possessions under management, as it performs in each of its RIA deals. Landsbergs principals will maintain tactical and management control of business.
For Landsberg Bennett, Hightower was an excellent fit both as a match for the RIA aggregators “entrepreneurial culture” and the comprehensive back-office support and services it provides member RIAs, according to Michael Landsberg, the firms principal.
The Hibiscus wing of the practice also helps create a pipeline for up-and-coming advisors who can find out the trade dealing with less-affluent customers before possibly moving over to the Landsberg Bennett side that caters to wealthier financiers.
” Clients are able to sort of self-select in regards to, this is how much investible properties I have and I want this level of assistance,” Meghan McCartan, Hightowers head of marketing, said in an interview.
” Landsberg Bennett is a very strong business with double-digit organic growth, a strong management team, an established bench of next-gen leaders, and a deep understanding of the value of marketing in acquiring new customers,” Hightower CEO Bob Oros stated in an e-mail.
Landsbergs 14 employees count amongst them 5 advisors who serve a variety of ultrawealthy and high-net-worth clients that include recent retirees, physicians, attorneys, and company owner.
CRUCIAL INSIGHTS FROM BARRONS ADVISOR: Register Here for the Ron Carson Master ClassWebcast: What Is Your Business Worth? A Chat with Jeff ConcepcionWebcast: Nobel Prize-winning behavioral economics professional Daniel Kahneman on assisting clients make better decisions” Partnering with Hightower provides us more opportunity to broaden our service both organically and inorganically while at the same time keeping our autonomy, brand, and strategic control,” Landsberg said in a declaration.
Hightower has included another registered financial investment consultant to its fast-growing network, snagging a $1 billion Florida firm in an offer revealed Tuesday.
The acquisition is the most recent handle a year thats had plenty of them, with the RIA consulting company DeVoe and Co. reporting that 2021 had seen a record variety of advisor mergers and acquisitions prior to completion of September. Numerous more deals have actually been announced considering that.
Landsberg Bennett Private Wealth Management, based in Punta Gorda, will join Hightower in a deal anticipated to close later this year, the 2nd acquisition the company has revealed in a month.
” Hightower remains concentrated on getting RIAs that are the right fit and producing value-add services that allow RIAs to better serve customers and drive natural growth,” he said. “We do not have a specific size were looking to reach long term, however continue to be focused on growing the firm with the best people and creating strong shareholder value.”
” The group that works with Hibiscus, its sort of a knowing ground,” McCartan stated. “Theyve got the resources. Theyre able to meet customers and learn.”