Chicago, Ill.-based HighTower has secured a $100 million bank loan from BMO Harris Bank and PNC Bank.
The money will be used to fund anticipated growth across its Partnership, Network and Alliance channels through the second half of this year, according to the announcement.
So far this year, HighTower has added four new advisor teams: RJ Wealth Management in New York; Gryphon Financial Partners in Columbus, Ohio; the Ezzell Group in Sacramento, Calif.; and a team of three advisors who joined Kelly Wealth Management in Hunt Valley, Md.
“HighTower’s profitability has grown quickly and consistently over the past few years,” said Larry Koehler, HighTower CFO. “Securing significant bank financing reflects the strength of our business today and reinforces our vision of continued growth for tomorrow.”