Hightower, a Chicago-based wealth management firm, has made an investment in Meyer Capital Group, a $1.6 billion financial services firm with offices in Marlton, N.J., and Naples, Fla., that was one of the first fee-only advisory firms, Hightower announced Thursday.
The investment was called strategic by Hightower, which said it involved cash and equity but did not disclose further details. Meyer Capital has 17 employees, including 10 advisors, and serves more than 800 clients.
Meyer Capital was founded in 1963 and is now led by Thomas C. Meyer, CEO, the founder’s grandson. Since the grandson took over in 1982, the firm has grown from $2 million to $1.6 billion assets under management. The agreement was reached in order to help Meyer Capital to grow even more, Meyer said in a statement.
"I have personally known Tom and Meyer Capital Group for almost 20 years, and they have a long history of helping clients to achieve their financial goals, which makes them a perfect fit for our community. They've already aligned with our mission on spreading ‘well-th’,” Hightower Chairman and CEO Bob Oros said in statement, "Our valued-added service offering as well as back and middle-office platform support will enable them to enhance their client value proposition while giving them time to build even stronger client relationships."
Hightower offers its 133 advisory businesses in 34 states and the District of Columbia a range of services designed to catalyze and accelerate organic growth, including business development consulting, leadership and team development, talent acquisition, marketing support, technology, investment management resources, compliance, accounting, payroll and human resources, Hightower said. Advisors benefit from access to the Hightower National Trust Company, estate & financial planning, and business management services such as personal CFO, bookkeeping, bill pay and tax preparation for their clients.
As of March 31, 2023, Hightower's assets under administration were approximately $148.2 billion, and assets under management were $119.9 billion, an increase from $113.7 billion as of Dec. 31, 2022.