Hightower today announced it has made a strategic investment in Siller & Cohen Family Wealth Advisors, an $830 million wealth management firm in Rye Brook, N.Y.
Founded in 1988 by Randy Siller and Jeffrey Cohen, the firm has 11 employees, including five advisors. The group serves entrepreneurs and business owners, C-suite executives, and other wealthy and ultra-wealthy individuals and families. Their specialties include multi-generational estate planning, active tax management, risk management, business exit and succession planning, comprehensive financial planning and planning for clients facing divorce.
Siller said his firm evaluated nine strategic partners, and they ultimately chose Hightower because they were impressed with its people, intellectual capital and institutional-level infrastructure.
“We are looking forward to leveraging Hightower's integrated technology for opening accounts, managing portfolios, viewing held-away assets and providing clients with access to their full financial picture via the mobile client portal.,” he said in a statement.
“Siller & Cohen, a highly successful business serving affluent clients with complex financial lives, has a prominent reputation in the New York metro area for its highly effective estate planning methodology and holistic wealth management for multiple generations of families,” Hightower CEO Bob Oros said in a statement.
This is Chicago-based Hightower's third M&A transaction this year, following nine in 2020. As of Dec. 31, 2020, the wealth management firm had about $102.5 billion in assets under administration and $79.6 billion in assets under management.