Hightower today announced that it has made a strategic investment in Financial Planning and Information Services Inc. (FPIS), a De Pere, Wis.-based wealth management and financial planning firm with more than $1.1 billion in assets under management.
The financial terms of the investment were not disclosed. The 16-person team will retain its brand and investment philosophy in the local Green Bay community, a press release said.
Founded in 1985 by Lon Mishler, FPIS is led by President and CEO Ryan Wempe and vice presidents Dan Budinger and Rachel Brown. As part of the transaction, team members and associate advisors Brock Becker and Carl Ekstrom, “who are important to the team’s growth strategy”, were promoted to partners, the release said.
“We have always operated on the belief that long-term wealth relationships should be built on hard work, communication and a broad range of services,” Wempe said in a statement. “As our client-centric practice continues to grow, we’re pleased to join the Hightower team, gaining access to new services and tools that will help us better guide our clients through the triumphs and the challenges of life.”
Hightower Chairman and CEO Bob Oros said, “FPIS built its practice on a core principle that is still its backbone nearly 40 years later. Their leaders’ decision to join Hightower highlights our shared dedication to community and the importance of developing long-term, generational wealth relationships."
FPIS is the fifth firm that Chicago-based Hightower has made a strategic investment in this year. Last week it bought a majority interest in NEPC LLC, a Boston investment consultant and private wealth advisor with $1.66 trillion in assets under administration and management.
The RIA aggregator has 140 advisory businesses in 35 states and the District of Columbia and reported assets under management of about $156 billion at the end of June.