Hightower has invested in $1.7bn Waltham, Massachusetts-based advisory firm Argent Wealth Management, in its second deal in three days.
Financial details about the deal were not divulged.
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Argent will leverage Hightower will support the growth of Argent by offering the latter access to its middle and back-office support services as well as community expertise.
The latest transaction, which is pending regulatory approvals, is Hightower’s seventh deal this year.
It is anticipated to wrap up in the final quarter of this year.
Earlier this week, the firm made a strategic investment in North Carolina-based wealth manager Stearns Financial Group.
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By GlobalDataHightower’s assets under administration and assets under management were around $75.7bn and $56.7bn, respectively, at the end of June 2020.
Hightower CEO Bob Oros said: “Argent’s intensive focus on financial planning and its depth of knowledge in the tax space has made Argent advisers among the most sought-after in the Boston area.
“We welcome the Argent team to our community, and look forward to supporting them as they deepen their relationships with clients and seek opportunities to grow and scale.”
Set up in 1992, Argent offers advice on financial planning, investment management, retirement planning, estate planning and charitable giving to HNWIs in the greater Boston area.
The firm’s workforce of 22 includes 11 advisers.
Argent’s founder and CEO David Duchesneau called Hightower a “perfect fit”.
“Partnering with Hightower will enable us to keep our individuality as a practice while freeing up time and energy for us to do more of what we love most: Help our clients solve problems and grow their wealth,” Duchesneau stated.
