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April 2, 2020

Hightower backs wealth planning firm Wellspring Associates

Hightower has made a strategic investment in Wellspring Associates, a wealth planning and consulting firm based in the US.

Details on the investment amount were not divulged.

Wellspring typically caters to UHW families with at least $50m in assets.

The latest deal will enable Wellspring to downscale to serve HNW families with at least $5m in assets.

On the other hand, Hightower will benefit from Wellspring’s Wealth Integration Solution that will support wealth transfer, business succession as well as philanthropic planning.

Wellspring managing director Greg Raabe said: “Hightower is providing us with an unprecedented opportunity to collaborate with its advisers and business development team to find ways to add value to our collective client relationships.

“This collaboration, as well as Hightower’s strategic support and operational infrastructure, will help us exponentially grow and scale our client base.”

Set up in 1981, Wellspring focuses on estate, tax, philanthropic and legacy planning.

It has operations in Atlanta and Dallas and five wealth integration teams, with a staff headcount of 15.

Hightower had $57.4bn in assets under management at the end of December 2019.

Last year, the firm invested in Schultz CollinsLexington Wealth Management, LourdMurray, and Green Square Wealth Management.

In addition to supporting firms with capital, Hightower also offers compliance, accounting, human resources, investment research, and marketing services, among others.

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