Fairport Wealth, a Cleveland-based Hightower advisory firm, has purchased Pennsylvania-based wealth management firm FMA Advisory, which oversees $500m in assets.
Financial terms of the deal have not been revealed.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Founded in 1981, FMA Advisory caters to professional athletes, business owners, executives, retirees, corporate retirement plans, non-profits, and charitable organisations.
The firm is led by founder and president Peter LaBella and managing partner John Klobusicky.
Following the transaction, FMA will join Fairport’s wealth management business. The deal brings Fairport’s total assets under management (AuM) to over $3.9bn.
Fairport managing partner Kenneth Coleman said: “FMA Advisory is a highly respected wealth management business with a strong culture of financial wellness, which is very much in line with Fairport and Hightower’s values.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“We are excited to support FMA’s growth ambitions and their focus on expanding our collective footprint throughout the Midwest and across the US.”
LaBella said that the deal would offer the firm the human and operational resources it requires to offer attentive service now and in the future.
Fairport Wealth serves executives, business owners and other affluent individuals through its offices in Cleveland and Buffalo Grove, Illinois.
The firm also provides services to women and those in transition.
The addition of FMA will expand its team to 48 employees, including 25 advisors.
In 2019, Fairport expanded its geographic footprint through the takeover of Leonetti & Associates, an existing Hightower advisory business based in Illinois.
Hightower has 118 advisory businesses in 34 states and the District of Columbia.
Earlier this week, the firm made a strategic investment in Florida-based $1bn RIA Landsberg Bennett Private Wealth Management.
In August this year, the firm acquired an undisclosed stake in Denver-based $800m wealth management firm Investment Security Group through a strategic investment.
