Hightower, the acquisitive wealth management firm headquartered in Chicago, has made a strategic investment in Stearns Financial Group (SFG), a $1.3 billion national wealth management firm, the companies announced in a news release.
Financial details of the transaction were not disclosed.
Under terms of the deal, SFG will leverage Hightower's operational infrastructure, business owner planning, marketing support, family office and investment management resources to enhance service to new and existing clients.
Dennis Stearns, founder and president of SFG, said in the news release that the partnership between his company and Hightower was a natural strategic evolution that would benefit it. "The SFG team will continue to provide the professional financial planning, investment management and high touch service our clients have come to know and love, while Hightower brings back office support, advanced technology and NextGen training to our team."
Established in 1991, Stearns Financial Group (SFG) also has offices in Chapel Hill and Greensboro, N.C. The firm has 32 employees, including 12 advisors, who serve business owners, executives, multi-generational families, women in transition, and the emerging affluent.
The firm puts a special focus on helping individuals and families manage and grow generational wealth. SFG also helps business owners maximize value and transition to the next phase of their life. A recently added service line provides advice and wealth management for those with both emerging affluence and influence.
In the news release, Hightower CEO Bob Oros enthusiastically welcomed SFG to his firm’s community of advisors.
"Stearns Financial Group is exactly the kind of business that Hightower looks for in a strategic investment: a high-performing firm that uses an in-depth, multi-scenario approach to wealth management to help their clients live purposeful lives and make confident financial decisions," he said.
Financial Advisor asked Oros in an August 25th email why SFG, unlike the past two affiliates in which Hightower made strategic investments, did not promote any of their employees to partner.
“Each deal and each set of advisory businesses are unique,” he said in reply. "In this case, Stearns Financial already has a next generation plan in place for an internal candidate who will be promoted to the management team and placed on a partnership track. But as Stearns plans on doing this for other advisors over the next few years, the benefit of being with Hightower is that we can help them select that next generation and train them for success and perpetuity.”