Hightower firm acquires a $340 million RIA

Lexington Wealth Management is adding Thompson Wealth Management, which is also based in Massachusetts.

Lexington Wealth Management, a Hightower advisory business that manages more than $2 billion in Lexington, Massachusetts, is acquiring Thompson Wealth Management, $340 million registered investment adviser that’s based in nearby Concord, Massachusetts.

Terms of the acquisition, which will close later this month, were not disclosed.

Thompson’s three advisers and one staff member will make the move.

This is Lexington’s third acquisition this year, following its January deal for $200 million Marcus Financial Advisors in Beverly, Massachusetts, and its pending acquisition of Freed Investment Group in Boston.

Chicago-based Hightower, which has 120 advisory businesses, advises on roughly $132 billion in assets and manages $104 billion in assets.