Hightower has agreed to make an undisclosed strategic investment in Wichita-based $1.8bn wealth management firm 6 Meridian.
The transaction is expected to close in the fourth quarter of this year.
As part of the tie-up, Hightower will provide 6 Meridian with resources for business expansion, talent development and operational infrastructure needed for growth.
6 Meridian was founded by Margaret Dechant, Andrew Mies, Thomas Kirk, Pam Smith, Sarah Hampton and Bryan Green in 2015.
The firm provides fiduciary-based wealth management to corporate executives, entrepreneurs and other high-net-worth (HNW) individuals and families. It employs 24 people, including 11 advisors.
Hightower chairman and CEO Bob Oros said: “6 Meridian is a highly successful firm with a strong bench of next-generation talent, an impressive roster of clients and a robust organic growth rate.
“The group’s focus on delivering independent, fiduciary-based wealth management and its commitment to developing next-gen advisors make them an exciting cultural fit for Hightower. We are honored that 6 Meridian chose to join our national wealth management community.”
6 Meridian co-founder, partner and CEO Dechant added: “As an independent RIA, we have grown rapidly thanks to our collaborative structure and outstanding team of dedicated professionals.
“We have built a firm we are very proud of; we are dedicated to our clients and to this business. Hightower is investing in us to help with our long-term growth goals, and we welcome the support that allows us to serve our clients for decades to come.”
The latest deal follows Hightower’s investment in Clear Perspective Advisors earlier this month.
The firm also made a strategic investment in Florida-based $1bn RIA Landsberg Bennett Private Wealth Management in October this year.
Hightower currently has 121 advisory businesses across 34 US states and the district of Columbia.
As of 30 September 2021, the firm has approximately $132.2bn in assets under administration (AUA) and $104.1bn in assets under management (AUM).