Hightower, the Chicago-based wealth management firm consolidator, has made another strategic investment, this time in Maine and New Hampshire firm Vigilant Wealth Management, a full-service wealth management business with $2.3 billion in client assets and 500 households.
Vigilant has offices in Portland, Maine, and Portsmouth, N.H., according to a Hightower press release. Vigilant, which focuses on wealth planning for wealthy individuals and families as well as business owners, is led by co-founders Jeffrey F. Carlisle, Daniel M. Mulkern and Scott D. Sorensen. The firm was launched in 2002 and currently has 11 wealth advisors on its staff among its total 31 employees.
In a statement, Carlisle said that the firm chose Hightower because of the freedom it allows its affiliated firms.
"We chose to align with Hightower because of their partnership approach—providing scaling and strategic planning resources to our firm, while leaving us with the entrepreneurial freedom to control the identity, culture and strategic direction of Vigilant," Carlisle said. "We also share a focus in developing next-generation talent; the practical examples they shared from the Hightower Center for Leadership, ongoing working groups, and more made it clear that it's something they have put significant resources behind."
Vigilant, like other firms who affiliate with Hightower, said part of the consolidator’s appeal was its middle- and back-office support, as well as business development consulting and marketing expertise.
"Vigilant Wealth Management encompasses everything Hightower looks for in a partner: a holistic wealth management offering, stellar organic growth approach, and impressive leadership team committed to the long-term well-being of its clients and people," said Hightower Chairman and CEO Bob Oros. "We look forward to helping them scale their operations and further develop the next generation of leaders."
As of March 31, 2023, Hightower said, its assets under administration were approximately $148.2 billion, and assets under management were $119.9 billion, an increase from $113.7 billion as of December 31, 2023.
In the transaction, Vigilant Wealth Management was advised by Cambridge International Partners.
Earlier this month, Hightower said it had made a strategic investment in TEN Capital Wealth Advisors, a $1 billion firm with offices in Seattle and Spokane, Wash.