TC Wealth Partners has acquired EFG Advisors, adding approximately $800 million to TC Wealth’s AUM in a deal facilitated by Hightower, TC Wealth’s parent company. Hightower made the announcement about the deal today.
All three firms are based in the Chicago area. TC Wealth and EFG Advisors specialize in serving business owners. The combination of the two firms creates a $2 billion entity. EFG will operate under the TC Wealth Partners name.
TC Wealth is an independent, boutique wealth management, estate and financial planning firm. The merger will enable EFG to offer clients expanded services.
“By joining forces, we [can] provide our clients with holistic offerings across every aspect of the financial planning landscape,” said Thomas P. Olexa, founder and president of EFG Advisors, in a statement.
TC Wealth was acquired by Hightower in January 2022. At the time, TC Wealth wanted to grow its footprint across the Greater Midwest and scale nationally, Hightower said. This is the first subacquisition for TC Wealth Partners.
The merger strengthens TC Wealth’s ability to offer enhanced life insurance and estate planning services to its clients, Hightower said.
TC Wealth, which is led by CEO William M. Giffin, provides diversified wealth, trust and advisory services to more than 800 clients across the United States. When Hightower made a strategic investment in the firm last year, it also acquired Trust Company of Illinois, a TC Wealth subsidiary that delivers trust and estate planning, administration, executor and co-executor services and retirement plan services.
“From the beginning, it was clear to us that TC Wealth was a firm that had the ability to grow and scale,” said Hightower Chairman and CEO Bob Oros in a statement. “This strategic merger is step one. We look forward to continuing to help TC Wealth grow its footprint and clientele and further expand its services.”
The Hightower M&A team helps the firm’s advisory businesses execute mergers and subacquisitions, providing sourcing, valuation, deal structuring, due diligence, legal and regulatory help, pre- and post-close integration, and capital resources for transactions. Hightower has $144.3 billion in assets under administration and $113.7 billion in AUM, a number that has increased from $106.1 billion since September of last year. Hightower 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.