Chicago-based registered investment adviser Hightower has acquired Highland Private Wealth Management, a $1.2 billion wealth management firm in Bellevue, Washington.
Terms of the transaction were not disclosed.
Highland, which was founded in 1999, focuses on high-net-worth individuals and families. It has 18 employees, including five advisers, led by its CEO and founder, John Christianson.
Advisors argue that there are other means to drive growth than requesting referrals.
The partnership, which extends to CRM leaders Practifi, XLR8 and Salentica will give advisors a smoother path toward managing their clients' held-away cash assets.
The BD giant's latest eight-advisor recruitment burst gives it additional footholds in Ohio and Florida.
The price tag for the 40 to 50 financial advisors is up to $35 million.
The giant asset manager's "timing is interesting", says analyst as State Street goes the other way, seeking approval for mutual fund share classes of existing ETFs.
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