The deal is the second investment this year for the Chicago-based firm at a time when M&A transactions are in decline.
Chicago-based Hightower, in its fifth investment in 15 months, is buying into a planning firm in Atlanta.
Lawsuit against Scott Holsopple and Hightower says he took vital proprietary data when he joined the firm as “chief growth officer,” a recruiting position similar to his role at Focus Financial.
The Chicago-based firm has pivoted from recruiting brokers to growth through RIA acquisition and scaling its smaller advisory practices.
HighTower now manages back-office arrangements for Egan’s Madison, New Jersey, office while he spends more time recruiting clients and works out with a personal trainer.
Chicago-based firm under new boss Bob Oros to make its fourth “strategic investment” this year.
HighTower, which has shifted from buying firms and hiring brokers outright, has made a “significant equity investment” in Lexington Wealth Management in Massachusetts.
Firm under new private equity ownership has shifted from recruiting wirehouse brokers to owning small advisory practices.