Hightower has acquired an undisclosed stake in Denver-based $800m wealth management firm Investment Security Group (ISG) through a strategic investment.

Financial terms of the transaction were not revealed.

Established in 1992, ISG specialises in financial planning, portfolio management, retirement planning, estate planning, insurance consulting and charitable giving advice.

The group, led by CEO Mitch Powers, has ten employees including six advisers. It particularly serves high net worth individuals and families.

Commenting on the deal, Hightower chairman and CEO Bob Oros said: “Investment Security Group is a vibrant, second-generation wealth management business that is poised for expansion in a highly coveted geography.

“We are delighted to welcome Mitch and the team to Hightower and look forward to supporting them as they look to expand both organically and inorganically in Colorado, the West and nationally.”

Power added: “We chose Hightower because everything about the firm – from its technology and compliance services to investment ideas, trust services and digital marketing support – is geared toward helping us grow our business.”

Hightower has 116 advisory businesses across 34 US states and the District of Columbia.

The company’s service portfolio includes business development consulting, leadership and team development, marketing support, technology, investment management resources, compliance, accounting, payroll and human resources.

The firm also focuses on inorganic growth services such as M&A sourcing, deal structuring, valuation, due diligence, legal and regulatory services among others.

The wealth management firm had $125.2bn assets under administration and $101bn AuM as of 30 June 2021.

Last month, Hightower acquired Washington DC-based wealth management firm Farr, Miller & Washington which oversees $2bn in assets.