Hightower, Summit keep growth streak going with latest strategic deals

Hightower, Summit keep growth streak going with latest strategic deals
Richard Babjak of Midway Wealth Partners.
The RIA acquirers' newest partnerships, involving an $800 million team and a $550 million wealth planning firm, give them additional footholds in Colorado and Illinois.
DEC 12, 2024

Hightower and Summit, two of the most active acquirers in the RIA space, made simultaneous strides in their growth plans Thursday as they each welcomed new strategic partners.

In Colorado, Hightower announced its investment in Dechtman Wealth Management, a Denver-based RIA managing $800 million in client assets. Led by founder Jordan Dechtman and his sons, Sam and Adam, the eight-person team offers comprehensive financial services, including retirement income planning, tax and estate planning, and Social Security analysis.

“Dechtman Wealth Management has a strong and long-standing reputation in Denver for putting its clients’ needs first with comprehensive and personally tailored financial plans,” Hightower Chairman and CEO Bob Oros said in a statement.

Oros also underscored Dechtman's "next generation leaders" and their "strong understanding of digital marketing" as a valuable differentiator for the firm.

This marks Hightower’s sixth strategic investment of 2024, further expanding its network of 140 advisory businesses across 35 states and the District of Columbia. As of June 30, the firm reported $156 billion in assets under management.

“Joining Hightower will enable our team to continue operating [according to our core principles] and provide access to a host of additional tools and services to help benefit our community,” said Jordan Dechtman, founder and senior wealth manager at Dechtman Wealth Management.

Summit scores in Chicagoland

Separately, Summit Financial announced a deal to integrate Midway Wealth Partners, a Chicagoland-based firm managing $550 million in assets, into its network.

This marks Summit’s 17th strategic investment of the year through its partnership model, Summit Growth Partners, which most recently in November secured minority, non-controlling stakes in three firms across North Carolina, Wisconsin, and the Tri-State area.

Midway’s team, led by Richard Babjak and Dennis Ryan, will retain its leadership and core team, with a focus on personalized wealth management services, including business transition planning and trust and estate tax strategies.

“Partnering with Summit marks a pivotal moment in our growth, enabling us to deepen relationships with clients and help them achieve their financial goals in new and meaningful ways,” Babjak said Thursday.

Summit’s CEO, Stan Gregor, emphasized the alignment between the two organizations. “Richard, Dennis and the entire Midway team embody the entrepreneurial excellence we seek, delivering personalized financial solutions that go beyond asset management and forge long-lasting relationships,” he said.

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