HighTower CEO Bob Oros.
HighTower said it has bought a stake in Lexington Wealth Management, an advisory group in Massachusetts that works with $1 billion in assets under advisement. The team, started in 2000 by Michael Tucci and Kristine Porcaro, has 11 advisors and 6 other staff members.
RIA HighTower now has 99 advisory businesses that have about $70 billion in total client assets (as of June 30). LWM is the firm's 24th external RIA transaction and its third in 2019.
"We view the addition of LWM as a key anchor in a very attractive market. The combination of their growth orientation along with access to HighTower's scale, sophistication and capital is a powerful formula," according to CEO Bob Oros. He adds that the RIA-rollup firm "looks forward to helping them grow their business to serve more clients in the Boston area and beyond."
For its part, LWM executives say they chose to join HighTower after the group considered "strategic partnerships with a number of other entities, including banks, private equity and wealth management firms."
