Hightower today announced it has made a strategic investment in Bluerock Wealth Management LLC, a $700 million advisory firm in Alpharetta, Ga.
The Bluerock transaction is the ninth this year for Chicago-based Hightower. It is expected to close in the fourth quarter.
Founded in 2019 by Raj Chokshi and Rachael Neil, Bluerock has 11 employees, including five advisors, according to a Hightower news release. The firm predominantly serves affluent clients in the Southeast, with a focus on mid-career technology and medical professionals and their families, the release said.
Bob Oros, Hightower chairman and CEO, said the company’s strategic investment in Bluerock illustrates the kind of partners Hightower is looking for. “Ones with strong executive leadership, impressive growth and cultural fit. We’re focused on growing our business the right way, with the right people, both principals and next-generation, serving as a catalyst to fuel real growth for lasting value,” he said in a statement.
Oros further noted in the release that Bluerock is a high-performance business with mid- to high-double-digit organic growth. “Raj and Rachael have built an impressive roster of clients in the accumulation phase of their careers, in a region that is experiencing significant wealth creation,” he said.
Chokshi, Bluerock’s CEO and wealth manager, said after experiencing paid growth in the past two years, they realized that “to maintain and accelerate our momentum we needed a partner that could give us the size, scale and institutional-class support necessary to amplify our efforts.”
He said they chose Hightower because of the investment the firm has made across its platform, including technology, human resources, trust and estate capabilities and marketing and business development support. “These services will allow us to focus on serving clients, nurturing prospects and attracting new assets,” said Chokshi, who has been in the industry since 2003, according to the SEC's Investment Adviser Public Disclosure website,
Neil, partner and wealth manager, who has been in the industry since 2004, added that with the growth in the greater Atlanta area and the Southeast, the team is particularly excited about Hightower’s vast digital marketing and business development resources. “Utilizing these services will be critical in helping us communicate our value, message and story, and ultimately turn prospects into clients,” she said. “We also plan to leverage Hightower’s experienced recruitment team to ensure we have the right talent in place as we grow.”
Hightower, which 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, has 119 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.