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.
As of June 30, 2020, Hightower's assets under administration were approximately $75.7 billion and its assets under management were $56.7 billion. The company grew 9.6% organically in 2019, up from 8% in 2018.
Financial Advisor asked Oros in an August 27 e-mail how many more deals he has planned for the rest of the year.
“Our M&A pipeline is strong,” Oros wrote in response. “We are attracting highly successful advisory businesses to the Hightower family. While we can’t provide an exact number of upcoming deals, we’ve found that times like this are an opportunity for great companies to differentiate themselves.”
He indicated there are many more deals down the pike for both the immediate present and not-too-distant future.
“You can expect more announcements in the coming weeks and months,” he wrote. “We are focusing on continuing to build a great firm—helping our advisors grow, finding ways to catalyze that growth, doing high-quality acquisitions while fostering a collaborative and diverse culture.”
The transaction with Argent is expected to close in the fourth quarter of 2020, subject to regulatory approvals and other customary closing conditions.