American wealth management firm Hightower has made a strategic investment in registered investment advisor (RIA) Bickling Financial Services (BFS).

Based in Massachusetts, BFS is a family-owned business with around $625m in assets under management.

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The firm, which was established in 1984 by Dorothy Bickling, currently runs three offices across Massachusetts.

Bickling’s two sons, Spencer Betts and Andrew Betts, are serving as co-managing principals of BFS.

The firm currently has a team of 14 employees comprising five advisors. It provides its clients with wealth management and financial planning services for meeting long-term personal and financial targets.

Financial and other details of the latest investment were not disclosed.

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Spencer Betts said: “As a firm, we have experienced tremendous growth over the past few years.

“To continue achieving our growth goals, we knew we needed a strategic partner that could help us scale the business and invest in its future.

“After speaking with several options in the marketplace, we concluded that Hightower has the right combination of resources and value-added services that will allow us to both serve clients and take the business to new heights.”

Hightower currently provides 132 advisory offerings in 34 states in the US and the District of Columbia.

As of 31 December 2022, the firm had around $144.3bn in assets under administration and $113.7bn of assets under management (AUM).

Last week, Hightower revealed that it had facilitated a strategic integration between TC Wealth Partners and EFG Advisors.

In April last year, the firm announced the purchase of a stake in Altium Wealth Management, a New York-focused registered investment adviser (RIA).