Hightower Advisors said Wednesday that it facilitated a merger between one of its units, TC Wealth Partners, and EFG Advisors, a wealth management firm overseeing more than $800 million in assets.
Both TC Wealth Partners and EFG Advisors are based in the Chicago suburbs.
Hightower acquired TC Wealth in January 2022 and this is the firm’s first subacquisition. The deal for EFG Advisors brings TC Wealth’s total assets to more than $2 billion.,
EFG Advisors was founded in 2001 and is led by Thomas Olexa.
“By joining forces, we provide our clients with holistic offerings across every aspect of the financial-planning landscape,” Olexa said.
Hightower, a Chicago-based RIA aggregator, said that at the end of 2022, it had $144.3 billion in assets under administration and $113.7 billion in assets under management.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
