RIA aggregator Hightower has invested in Austin, Texas-based financial advisory firm Hart Financial Group, marking its eight deal this year.

Financial details about the transaction were not revealed.

Hart Financial Group can now gain access to Hightower’s middle- and back-office support, business consulting and collaborative community to speed up growth.

At present, Hightower has 113 advisory businesses across 33 states.

The firm’s assets under administration and assets under management were around $81.4bn and $61.6bn, respectively, at the end of September 2020.

Commenting on the deal, Hart Financial Group founder and partner Corey Hart said: “Hightower’s infrastructure, collaborative culture and support for entrepreneurship will enable us to grow our business, deepen our client relationships and spend more time on our clients’ financial planning.”

Hart Financial Group offers a range of services such as financial planning, asset management, risk management and tax-planning strategies.

The 1990-founded business serves clients through a workforce of 12 including five advisers.

Hightower CEO Bob Oros said: “Hart Financial Group is a robust team with a strong succession lineup of advisers poised for further growth. We couldn’t be more excited to provide the infrastructure, business strategy and support to power the next phase of their business development.

“Hart Financial Group’s knowledge of investment management, wealth transfer strategies and insurance solutions truly make their advisers stand out.”

Hightower provides services to support the organic and inorganic growth of advisory businesses.

It offers capital as well as integrated adviser platform – including technology, compliance, accounting, payroll, human resources, investment research and marketing services.

Other deals

In August this year, the aggregator made its seventh investment of this year through investment in $1.7bn advisory firm Argent Wealth Management.

In the same month, Hightower invested in $1.3bn wealth manager Stearns Financial Group.

Also in August, Hightower made an investment in $600m advisory firm Teak Tree Capital Management.