Hightower announced that it has facilitated a merger between its Cleveland-based advisory business Fairport Wealth and FMA Advisory, Inc., a wealth management firm in Harrisburg, Pa., with $500 million in assets under management.
The transaction adds 48 employees, including 25 advisors serving nearly 1,500 families, and boosts Fairport Wealth’s assets under management to $3.9 billion, according to a company news release.
FMA Advisory, founded in 1981 by Peter J. LaBella, president, and John J. Klobusicky, managing partner, serves business owners, executives, retirees, professional athletes, rising professionals, corporate retirement plans, nonprofits and charitable organizations.
Fairport Wealth, which has offices in Cleveland and in Buffalo Grove, Ill., is led by managing partners Heather Ettinger and Kenneth Coleman. The firm serves executives, business owners and other affluent individuals, with specific offerings for women and those in transition, the release noted.
“Fairport Wealth’s mission of helping families live with purpose, achieve their dreams and create a legacy for future generations speaks directly to the values by which we operate our practice,” LaBella said in a statement. “As we looked to our next stage of growth, we recognized that teaming up with Fairport Wealth and Hightower would provide us with the human and operational resources we need to provide distinctive, attentive service now and in the decades to come.”
Coleman said FMA Advisory is a highly respected wealth management business whose strong culture of financial wellness fits with Fairport and Hightower’s values. “We are excited to support FMA’s growth ambitions and their focus on expanding our collective footprint throughout the Midwest and across the U.S.” he said.
Hightower’s merger and acquisition team, the release noted, has professionals dedicated to helping Hightower advisory businesses execute sub-acquisition transactions, providing supporting services such as sourcing, valuation, deal structuring, due diligence, legal and regulatory, pre- and post-close integration, and capital resources.
“Inorganic growth is a great way for Hightower advisory businesses to build out their offerings, add bench strength and talent to their leadership teams. We are delighted to have helped Fairport Wealth think strategically about adding a team that is closely aligned with theirs, in purpose and in culture,” said Bob Oros, chairman and CEO of Hightower. “It was a pleasure seeing this transaction through from start to finish."
Headquartered in Chicago, Hightower 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.