RIA aggregator Hightower has made an investment in New York-based Siller & Cohen Family Wealth Advisors, a wealth management firm with $830m in assets under management.
The investment marks Hightower’s third M&A transaction this year.
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Founded in 1988, Siller & Cohen provides multi-generational financial planning, investment management and estate planning services to high net worth individuals and families. The company has 11 employees, including five advisors.
The deal will provide the company with access to Hightower’s technology and other capabilities to improve its offerings.
Hightower CEO Bob Oros said: “Siller & Cohen, a highly successful business serving affluent clients with complex financial lives, has a prominent reputation in the New York metro area for its highly effective estate planning methodology and holistic wealth management for multiple generations of families.
“We are thrilled and honoured that they have chosen Hightower for the next phase of their growth and welcome them to our advisor community.”
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By GlobalDataSiller & Cohen co-founder Jeffrey Cohen said: “Hightower’s range of services – from investment management insights to marketing and business development support – are highly suited to helping us enter the next chapter of our growth.
“We are excited to consult with the Investment Solutions group about our asset allocation models and content needs, and will work closely with the Hightower marketing team to build out a range of multi-media vehicles to engage with our clients and potential clients.”
Based in Chicago, Hightower focus on providing investment, financial and retirement planning services.
Recently, the company signed an agreement to acquire $8bn Los Angeles-based advisory firm Bel Air Investment Advisors in its largest ever deal.
As of 31 December 2020, Hightower had $79.6bn in assets under management and nearly $102.5bn in assets under administration.
