Company Details
Founded in 2008, Hightower Advisors set out to become a top RIA with a forward-thinking leadership team that has a growth-minded advisor community. In 2012, Hightower became #13 on INC. 500, #5 on Wealth Manager (Forbes), #1 destination for breakaway advisors, InvestmentNews. In 2016, the first RIA to join Hightower, RDM Financial Group; launched #UnobstructedLife to promote financial wellness. In 2020, Hightower successfully passed 100B in AUM through a new recapitalization structure with existing firm Thomas H. Lee. Hightower continues to grow, achieve, and add new services such as a trust company to support its advisors.
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Acquisition Model
Max Cash: 90%
Max Equity: 25%
Hightower includes a retention period as part of their deal structure and would be discussed on a case-by-case basis.
Mandatory Points of Alignment
Hightower asks all advisors to adopt their operations so they can better support the local office. This includes marketing, technology, compliance, HR, billing, etc.
Advisors will have control over their calendars.
Partners will have full visibility into the local P&L; however, Hightower will take over all management responsibilities.
Hightower prefers the decisions surrounding the client experience reside with its client-facing advisors.
Hightower has a dedicated growth team that advisor's are encouraged to utilize. Through a systematic approach, Hightower collaborates with its partners to strengthen their organization and optimize their business practices, but this is not a requirement.
Partners can maintain their current strategies within reason, subject to compliance approval and ongoing corporate oversight.
Advisor Value Proposition
One of the key factors contributing to Hightower's position as one of the largest wealth management firms in the country is its strong emphasis on partner feedback and guidance across various domains, including operations, customer experience, and best practices. Hightower actively seeks partners who can provide valuable insights and collaborate on a range of topics, from investment management and advanced estate planning to tax planning and technology integration. Partners passionate about contributing to developing and implementing Hightower's best practices will find numerous opportunities to do so. Additionally, they are passionate about developing younger advisors. Hightower has an 18-month cohort-based program tailored for Gen 2 advisors. This unique initiative offers them the chance to delve into the intricacies of entrepreneurship while receiving mentorship from seasoned individuals who once walked in their shoes. Upon completion, participants not only gain heightened confidence in assuming leadership roles but also cultivate a valuable network within Hightower.
Hightower has a central planning team dedicated to client experience optimization. This team collaborates with partners to develop best practices, share insights, and provide guidance on client engagement strategies. The planning team facilitates knowledge-sharing and peer-to-peer learning opportunities within the Hightower network, enabling partners to learn from each other’s successes and challenges.
Technology plays a vital role in enhancing the client experience at Hightower. The company offers a best-in-class, forward-thinking technology platform that integrates various tools and resources. This includes a cloud-based portal that provides a seamless and secure environment for clients to access financial information, monitor investments, and communicate with advisors. The technology platform also supports data-driven insights and analytics, enabling advisors to make informed decisions and provide valuable recommendations to clients.
When partnering with Hightower, its partner/advisors can expect a significant boost in resources and capabilities. Hightower's focus on delivering exceptional financial planning and portfolio management services is matched by its investment in enhancing the capabilities of its partner offices. This includes expanding services in areas such as estate planning and corporate trust services. Currently, partner offices do tax preparation and family office services at the local level; these are not offered as a centralized resource. Hightower's future plans include adding tax preparation to their central offering.
Hightower has a 30-person marketing team to help advisors grow. Their goal is to provide firms with access to content that they can put their brand on. The marketing team produces three new content pieces per week.
With the support of its growth team, Hightower helps partners identify key fundamentals for their practices. This process includes analyzing existing workflows, evaluating effective management strategies, understanding overall growth trajectories, ensuring that team members have a clear grasp of the value proposition, and assessing client communication strategies. By taking a systematic approach, Hightower collaborates with partners to strengthen their organizational foundations and optimize business practices. Additionally, Hightower offers an internal platform where advisors can pose questions and share best practices with partners from across the country.
AUM Growth
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