Hightower Signature Wealth, the branded advisory platform run by mega-RIA Hightower Advisors, has taken another signifiicant step toward the $50 billion growth target set by the mega-RIA's leadership with a sizeable acquisition on the East Coast.
HTSW announced Tuesday that it has added Stearns Financial Group, a North Carolina-based practice managing roughly $2.5 billion in assets.
The addition brings 30 team members into the fold and marks the latest step in a rapid build-out that has defined the platform since its debut in October last year.
Stearns Financial Group, founded in 1991 and based in Greensboro and Chapel Hill, first partnered with Hightower in 2020 before transitioning fully into the Signature Wealth model this week. The firm has provided comprehensive financial planning services for more than three decades, and its move into Signature Wealth gives it access to Hightower's centralized operations, investment management, technology, compliance and marketing infrastructure.
Following the addition, Hightower Signature Wealth now manages approximately $40 billion in assets, with more than 160 advisors spread across more than 35 locations nationwide, according to the company. Year to date, the platform has reportedly added nearly $30 billion in assets through a mix of internal conversions and outside acquisitions.
"SFG has been a valued part of the Hightower community for several years, making this a natural next step in our relationship," said Larry Restieri, chief executive officer of Hightower. "We are proud to welcome the team to HTSW and help them build on the trusted client relationships they have fostered for more than three decades."
For Stearns, the move builds on a partnership that began five years before Tuesday's announcement.
"Since founding SFG more than 35 years ago, we have focused on helping clients navigate life's biggest financial decisions with thoughtful, personalized advice," said Dennis Stearns, founding partner and senior wealth advisor at the firm. "Joining HTSW allows us to build on the strong foundation we have created while positioning our business for the future."
Haleh Moddasser, managing partner and senior wealth advisor at Stearns, echoed that sentiment, while John Thomas, also a managing partner and senior wealth advisor at the firm, pointed to the operational upside.
"By streamlining our day-to-day operations, our team can work even more efficiently and spend more time focused on clients," Thomas said.
Tuesday's announcement is the latest in a string of deals that has pushed Hightower Signature Wealth well past its early growth targets.
Hightower has described the strategy of rebranding acquired firms and courting smaller RIAs as central to its next phase under Restieri, who took over as chief executive last year to succeed Bob Oros. The model consolidates marketing, technology, billing and investment management under one umbrella, allowing advisors to spend more time with clients rather than on back-office administration.
That approach has drawn a widening pool of candidates. Earlier this year, Hightower Signature Wealth landed its first external acquisition outside the firm's existing advisor network, and executives said at the time they expected the platform to reach $40 billion to $50 billion in assets by year-end.
Read more: Hightower Signature Wealth eyes $50 billion as more RIAs ditch independence - InvestmentNews
More recently last month, Hightower disclosed a trio of advisory practices joining the Signature Wealth platform, adding roughly $5 billion in combined assets while underscoring how quickly the platform has scaled.
Hightower, which is majority-owned by private equity firm Thomas H. Lee Partners, currently reports more than $350 billion in assets under management.
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