Stralem & Co., a New York firm with $280 million in assets under advisement, is merging into Fischer & Co., a 54-year-old New York wealth management firm that advises on $520 million in assets and is part of Hightower.
The combined firm will be known as Fischer Stralem Advisors. It will have 13 employees, including five advisers.
Hightower’s mergers and acquisitions team facilitated the acquisition, the company said in a release.
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"Most pre-retirees are uncomfortable making key retirement income decisions without an advisor's help," said Chris Bailey of Cerulli.
Also, Summit Wealth Group nabs a Commonwealth advisor in Tennessee, Oxford Financial adds two managing directors, and Verdence draws an ultra-high-net-worth advisor from Fidelity.
When advisors have tech to handle meeting prep and organization, it frees up time they can reinvest more thoughtfully into helping clients.
LPL Financial and Raymond James also add independent advisors from Osaic and Edward Jones in Michigan and Arizona.
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