Wealth CMT, a registered investment advisory firm will join the Fairport growing portfolio of wealth management experts across the US, which now totals $4.5bn in assets under management (AuM).
Since joining Hightower, this will be Fairport’s fifth sub-acquisition.
Based in Cherry Hill, New Jersey, Wealth CMT is a privately held business that offers its clients a variety of services and manages $300m in assets under management.
Wealth CMT’s five employees deal with over 180 families and foundations and are overseen by founders Andrew Barnett and Eric Feder.
Advice Dynamics Partners were the advisers for Wealth CMT regarding the merger.
Barnett says: “In seeking a like-minded strategic partner, we determined that Fairport Wealth offers both additive wealth management solutions for our clients and professional development opportunities for our staff.”
Feder adds: “Their commitment to holistic wealth aligns with our vision and philosophy, and gaining access to Hightower’s resources will enable us to take our practice to the next level.”
“As we continue to support Fairport Wealth with its own growth ambitions, we became excited for the opportunity with Wealth CMT. The firm’s reputation for creating strategic wealth planning solutions backed by timely and insightful guidance is consistent with Hightower’s values and growth focus. This further proves our ability to drive scale from within by helping our affiliated businesses with follow-on acquisitions adding to their capabilities and talent,” says Hightower chairman and CEO Bob Oros.
Matt Logar, CEO of Fairport Wealth concludes: “Wealth CMT’s focus on putting clients’ needs first complements our dedication to inspiring families and is a great opportunity to grow our business with like-minded partners. They are a natural fit and I’m thrilled to welcome them to the Fairport Wealth team.”