August 9, 2022

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Hightower Invests in Business Management Firm

Hightower Invests in Business Management Firm

Hightower has created a strategic financial investment in Grant Tani Barash & Altman, a enterprise management company in Los Angeles. Not like Hightower’s normal bargains where it acquires registered investment decision advisor companies, this allows the agency establish out a organization management vertical, bringing Grant Tani Barash & Altman’s own chief monetary officer products and services to Hightower advisors.

“Most of our promotions are RIAs incorporating scale, meaning advisors, assets, shoppers to the platform,” Hightower CEO Bob Oros said in an distinctive interview. “Our strategic investment decision in Grant Tani Barash & Altman is definitely an financial commitment in incorporating new capabilities for our advisors and their consumers.”

Individuals individual CFO providers incorporate bookkeeping and accounting, bill payment, tax preparation and other concierge fiscal management capabilities, Hightower mentioned.

Grant Tani Barash & Altman will keep on to run independently and will leverage Hightower’s middle- and back again-business office products and services. Its offerings will also be built-in into Hightower’s suite of products and services.

“We’ll construct a vertical inside the agency to provide the ultra-significant-net-value consumers of Hightower Advisors, so it’s truly leveraging every thing they presently do for their area of interest, and presenting it to a new established of consumers that they can serve,” Oros stated.

Forty per cent of Hightower’s assets occur from families with $15 million or extra. As of Dec. 31, 2021, Hightower had $144 billion in assets beneath administration and $117.8 billion in belongings beneath management. Oros expects the agency to continue to develop in the ultra-superior-net-well worth section.

This acquisition adds to Hightower’s current products and services for extremely-high-net-truly worth clients, such as its tax and estate setting up abilities, by way of its April 2020 financial investment in Wellspring Associates. Hightower is also functioning on providing individual have confidence in products and services and gained conditional acceptance this summer months to change its Texas-based have confidence in company into a nationally chartered have confidence in organization.

“This suits in extremely nicely with all those abilities in conditions of holistically currently being able to provide the needs of the extremely-high-internet-worthy of and seriously bringing a real finish-to-end spouse and children office environment form of design,” Oros reported.

Grant Tani Barash & Altman, which was started in 1992, has 80 employees bringing these providers to its present clientele. The business specializes in serving the leisure field, which includes actors, actresses, administrators and producers.

The firms would not disclose the phrases of the offer, other than to say that it concerned a combine of hard cash and fairness.