View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
October 8, 2021

Hightower’s Fairport Wealth acquires $500m Pennsylvania RIA

By Verdict Staff

Fairport Wealth, a Cleveland-based Hightower advisory firm, has purchased Pennsylvania-based wealth management firm FMA Advisory, which oversees $500m in assets.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

Financial terms of the deal have not been revealed.

Founded in 1981, FMA Advisory caters to professional athletes, business owners, executives, retirees, corporate retirement plans, non-profits, and charitable organisations.

The firm is led by founder and president Peter LaBella and managing partner John Klobusicky.

Following the transaction, FMA will join Fairport’s wealth management business. The deal brings Fairport’s total assets under management (AuM) to over $3.9bn.

Fairport managing partner Kenneth Coleman said: “FMA Advisory is a highly respected wealth management business with a strong culture of financial wellness, which is very much in line with Fairport and Hightower’s values.

“We are excited to support FMA’s growth ambitions and their focus on expanding our collective footprint throughout the Midwest and across the US.”

LaBella said that the deal would offer the firm the human and operational resources it requires to offer attentive service now and in the future.

Fairport Wealth serves executives, business owners and other affluent individuals through its offices in Cleveland and Buffalo Grove, Illinois.

The firm also provides services to women and those in transition.

The addition of FMA will expand its team to 48 employees, including 25 advisors.

In 2019, Fairport expanded its geographic footprint through the takeover of Leonetti & Associates, an existing Hightower advisory business based in Illinois.

Hightower has 118 advisory businesses in 34 states and the District of Columbia.

Earlier this week, the firm made a strategic investment in Florida-based $1bn RIA Landsberg Bennett Private Wealth Management.

In August this year, the firm acquired an undisclosed stake in Denver-based $800m wealth management firm Investment Security Group through a strategic investment.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International