Hightower takes stake in $2.3 billion New England RIA

Hightower Advisors, a Chicago-based aggregator of registered investment advisors, has taken a stake in Vigilant Wealth Management, a firm overseeing $2.3 billion in assets for 500 households in Maine and New Hampshire, the firm announced today.

Vigilant, which was founded in 2002, has offices in Portland, Maine, and Portsmouth, New Hampshire. It has 31 employees, including 11 advisors, and is led by its co-founding principals: Jeffrey F. Carlisle, Daniel M. Mulkern and Scott D. Sorenson.

“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 in a statement. “We also share a focus in developing next-generation talent.”

Hightower said the deal, its fifth this year, expands its footprint in the Northeast. In May, it announced an investment in TEN Capital Wealth Advisors, a Washington state wealth management firm with $1 billion in assets.

As of March 31, Hightower reports $148.2 billion of assets under administration and $119.9 billion of assets under management.

Terms of the transaction were not disclosed. Cambridge International Partners served as Vigilant Wealth Management’s advisor.

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Related Topics: Hightower Advisors