Hightower, a wealth management firm and aggregator headquartered in Chicago, has made a strategic investment in Private Vista, a Chicago-based wealth management firm managing $1.5 billion in business, the companies announced today in a news release.

Financial details of the transaction were not disclosed. It is the fourth in a series of investments by Hightower in 2020.

Private Vista was established in 2016 through the merger of two advisory businesses, each founded over 30 years ago. The advisory practice provides financial planning and investment management services to entrepreneurs and business owners, corporate executives, physicians, individuals undergoing a life transition, and multi-generational families. The firm also advises on corporate retirement plans.

Under terms of the deal, Private Vista will leverage Hightower’s middle- and back-office support and business growth consulting to expand its services to new and existing clients. Additionally, seven of Private Vista's 34 employees, which include 20 advisors, will be promoted to partner as part of its growth strategy.

“As we seek to further solidify a strong foundation for our clients, their families and future generations of Private Vista leadership, it was clear that Hightower had the right combination of marketplace experience, commitment to continuous investment and resources to help us grow,” Jim Weil, Private Vista’s managing partner, said in the news release.

Private Vista’s partners reportedly considered as many as 20 organizations courting the firm before deciding on Hightower for its culture, ongoing investment in advisor technology and infrastructure, and growth consulting services for advisory businesses seeking to amplify their existing brands.

"Private Vista is a highly successful advisory group grounded in the fiduciary-minded approach, not only in how they care for their clients, but in how they plan for the future,” Bob Oros, CEO of Hightower, said in the news release. “We are honored to welcome the firm to Hightower and look forward to providing the team with the additional resources and scaling support to help deliver comprehensive wealth management services to their current and future clients.”

Hightower offers independent-minded advisory businesses a capital-rich partner and customizable suite of services designed to help accelerate both organic and inorganic growth. Hightower provides an advanced, integrated advisor platform that includes technology, compliance, accounting, payroll, human resources, investment management services and marketing support. 

Advisory groups that partner with Hightower also gain access to business development consulting, leadership and team development, economies of scale, deep industry relationships and a nationwide advisor community.

Including this transaction, Hightower now has 109 advisory businesses in 33 states.

As of June 30, 2020, Hightower's assets under administration (AUA) were approximately $75.7 billion and its assets under management (AUM) were $56.7 billion. The company grew 9.6% organically in 2019, up from 8% in 2018.

Cambridge International Partners advised Private Vista in the transaction, which is expected to close in the third quarter of 2020, subject to regulatory approvals and other customary closing conditions.