Hightower has announced the completion of a strategic investment in a New York wealth management and financial planning firm managing $3.3 billion in assets.
Capital Management Group has offices in New York City and Pearl River, New York, and was founded in 1992 by managing partner Thomas M. Mingone. The team has grown to 38 people, including six partners who are co-owners and six other advisors.
The firm, which was previously affiliated with an independent broker-dealer, is now part of Hightower, a Chicago-based RIA aggregator. Mingone says the decision to join Hightower was driven by a commitment for growth and serving clients’ evolving needs.
"Gaining access to Hightower's rich and robust suite of services and tools, combined with the deep knowledge and partnership within the community, will spearhead the next evolution of our business. We are confident we have found the right home for our practice,” he said.
The deal is the first to be announced by Hightower so far in 2024 following the 12 that were announced in 2023. It’s also the fifth time that Hightower has made a strategic investment in a firm affiliated with an independent broker-dealer and on-boarded it to its network.
Its nationwide footprint includes 138 advisory businesses in 35 states and the District of Columbia with a combined AUM of around $131 billion at the end of September 2023.
Hightower Chairman and CEO Bob Oros said CMG was a good fit for both firms.
"They are in a pivotal growth phase and Hightower can provide new opportunities for their business by providing additional capabilities aimed to enhance both the advisor and client experiences,” he said.
Second-generation NFL ref Shawn Hochuli co-founded IWM Partners in Irvine, California, a wealth management practice with more than $500M in client assets
U.S. seniors lose $28.3 billion annually as a result of financial exploitation, according to a 2023 AARP study.
Cornerstone Capital and Echo Wealth Management add about $1.7 billion as RIA M&A heads for a record year.
As Robinhood and Schwab roll out AI agents and assistants, a new survey finds advisors still edge out chatbots in terms of client trust.
See which platforms and providers earned 5-Star recognition this year
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
