Chicago-based Hightower Advisors announced that it made a strategic investment in Capital Management Group of New York (CMG), which has $3.3 billion in assets and offices in New York City and Pearl River, New York.
The firm has six co-owner partners and six other advisors, with 38 team members in total. It takes a holistic approach to financial planning and wealth management, providing asset allocation, protection planning, charitable giving, tax-advantaged investing and estate planning. It was previously affiliated with Equitable Advisors.
Bob Oros, Chairman and CEO of Hightower, said, “Capital Management Group of New York has a reputation for creating sophisticated financial plans, and building lasting relationships, that help their clients meet their holistic wealth needs over the short and long term. They are in a pivotal growth phase and Hightower can provide new opportunities for their business by providing additional capabilities aimed to enhance both the advisor and client experiences.”
CMG is Hightower’s first announced transaction of 2024, following 12 announced transactions in 2023, and is the fifth wealth manager formerly affiliated with an IBD in which Hightower has both made a strategic investment and onboarded the firm to its network.
CMG’s Founder and Managing Partner, Thomas M. Mingone, said, “Our decision to move to an RIA, from the independent broker-dealer space, was driven by our steadfast commitment to growth and serving our clients’ evolving needs. Gaining access to Hightower’s rich and robust suite of services and tools, combined with the deep knowledge and partnership within the community, will spearhead the next evolution of our business. We are confident we have found the right home for our practice.”
Hightower had assets under management (AUM) of $131 billion as of Sept. 30, 2023, and its community of advisors now spans 138 businesses. In November it invested in Orlando, Florida-based Resource Consulting Group, with $2.5 billion in assets. Its 2023 acquisitions included $1.6 billion Meyer Capital Group, as well as GMS Surgent. In August, it facilitated the sub-acquisitions of Trellis Advisors by Highland Private Wealth Management and Wealth CMT by Fairport Wealth.
Michael Madden, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at email@example.com.