Hightower has continued its growth momentum by investing in North Carolina-based wealth manager Stearns Financial Group (SFG), marking its sixth deal this year.

Financial terms of the transaction were not revealed.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Hightower will provide operational infrastructure, business owner planning, marketing support, family office as well as investment management resources to SFG that manages $1.3bn in assets.

SFG, founded in 1991, has offices in Chapel Hill and Greensboro.

The firm’s employee strength is 32, including 12 advisers. It caters to business owners, executives, multi-generational families, women in transition, and the emerging affluent.

Its new service line offers advice and wealth management for those with emerging affluence and influence.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

SFG founder and president Dennis Stearns said: “Being a part of Hightower’s powerful community of advisers will allow us to leverage the benefits of a national RIA while maintaining our well-established brand, culture and business structure.

“The SFG team will continue to provide the professional financial planning, investment management and high touch service our clients have come to know and love, while Hightower brings back office support, advanced technology and NextGen training to our team.”

With the latest deal, Hightower’s count of advisory businesses goes to 111 across 33 states.

The firm’s assets under administration and assets under management totalled around $75.7bn and $56.7bn, respectively, at the end of June 2020.

The deal awaits regulatory nod, with completion expected in the final quarter of this year.

Hightower CEO Bob Oros said: “Stearns Financial Group is exactly the kind of business that Hightower looks for in a strategic investment: a high-performing firm that uses an in-depth, multi-scenario approach to wealth management to help their clients live purposeful lives and make confident financial decisions.”

Earlier this month, Hightower invested in $600m Fort Worth, Texas-based advisory firm Teak Tree Capital Management.

This year, Hightower also made investments in Private Vista, Frontier Investment Management, Osborn Williams & Donohoe, and Wellspring Associates.