Fairport Wealth, a Hightower advisory business partner based in Cleveland has added another firm to its growing footprint.
Its merger with $300 million AUM registered investment advisor firm Wealth CMT takes its total AUM to $4.5 billion and marks its fifth sub-acquisition since joining Hightower in 2017, including Linwood Investments a year ago.
The deal was facilitated by Hightower Advisors, while Advice Dynamics Partners served as advisor to Wealth CMT.
“As we continue to support Fairport Wealth with its own growth ambitions, we became excited for the opportunity with Wealth CMT," said Bob Oros, Hightower chairman and CEO. “The firm’s reputation for creating strategic wealth planning solutions backed by timely and insightful guidance is consistent with Hightower’s values and growth focus. This further proves our ability to drive scale from within by helping our affiliated businesses with follow-on acquisitions adding to their capabilities and talent.”
As of June 30, 2023, Hightower Advisors’ AUM was approximately $131 billion.
Wealth CMT was founded in 2009 by Andrew Barnett and Eric Feder and is an independent, principal-run business in Cherry Hill, New Jersey, with more than 180 client families and foundations.
Barnett says that professional development opportunities for its five staff was one of the important factors in the decision to merge with Fairport Wealth, along with additive wealth management opportunities for the firm’s clients.
“Their commitment to holistic wealth aligns with our vision and philosophy, and gaining access to Hightower’s resources will enable us to take our practice to the next level," Feder added.
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