Hightower today announced it has made a strategic investment in Landsberg Bennett Private Wealth Management, a $1 billion advisory firm based in Punta Gorda, Fla., according to a news release.
The transaction is expected to close in the fourth quarter, subject to regulatory approvals and other customary closing conditions, the release said. Financial terms were not disclosed.
Landsberg Bennett, founded in 2012, is led by firm principals Michael Landsberg, Lew Bennett and Anthony Dubbaneh. The firm, which described itself as providing comprehensive wealth management services to individuals and families seeking to grow and preserve their wealth, has 14 employees, including five advisors specializing in serving the financial management needs of new retirees, physicians, attorneys, business owners and executives, the release said.
Landsberg Bennett, the release noted, employs two brands serving different clienteles. Landsberg Bennett focuses on ultra-wealthy and wealthy clients, while its sister brand, Hibiscus Investments, serves mass affluent clients with less than $1 million of investible assets. “This model allows the firm to serve a broad array of clients effectively, while also offering the structure for a next-generation training program—a key area of focus for Hightower,” the release said.
Landsberg said their practice is committed to providing clients with holistic advice and financial planning services and “Hightower’s entrepreneurial culture, growth-oriented network of firms and comprehensive suite of middle- and back-office, technology and support services, aligns perfectly with our firm goals and values,” he said in a statement. “Partnering with Hightower gives us more opportunity to expand our business both organically and inorganically while at the same time retaining our autonomy, brand and strategic control.”
Hightower Chairman and CEO Bob Oros said, “Landsberg Bennett is a highly successful firm with an impressive management team, strong bench of Next-Gen leaders, and a deep understanding of marketing and brand which has fueled the firm’s double-digit organic growth rate.” He added that Hightower is “delighted to welcome Landsberg Bennett to the Hightower partnership community, and look forward to providing them with the scale, support and independence they need to turbocharge future business growth.”
Headquartered in Chicago, Hightower provides investment, financial, and retirement planning services to individuals, foundations, and family offices, as well as 401(k) consulting and cash management services to corporations. It has 118 advisory businesses across 34 states and the District of Columbia. As of June 30, the firm had about $125.2 billion in assets under administration and about $101 billion in AUM.