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RIA Hightower Advisors says it has bought a stake of Argent Wealth Management, a $1.7 billion advisory practice based in Waltham, Massachusetts.
Founded in 1992, Argent has 22 employees, including 11 advisors, who serve clients in the greater Boston area.
This deal is Hightower's seventh transaction so far this year. Including Argent, Hightower now has 112 advisory businesses in 33 states.
"Argent's intensive focus on financial planning and its depth of knowledge in the tax space has made Argent advisors among the most sought-after in the Boston area," said Bob Oros, CEO of Hightower, in a statement.
"We welcome the Argent team to our community, and look forward to supporting them as they deepen their relationships with clients and seek opportunities to grow and scale," Oros added.
As of June 30, Hightower's assets under administration were $75.7 billion and its assets under management were $56.7 billion.
LaSalle St. News
LaSalle St., a broker-dealer and RIA in Chicago, has recruited the Retirement Services Group of Northbrook, Illinois.
The firm focuses on profit sharing and 401(k) plans and works with $625 million in assets. It was previously affiliated with Securities Service Network, one of the Ladenburg Thalmann broker-dealers acquired earlier this year by Advisor Group.
"Our recruitment of Retirement Services Group is a prime example of how LaSalle St.'s nimble and comprehensive home office support adds value to a diverse array of practices," said Mark Contey, senior vice president of Business Development for LaSalle St., in a statement.
Retirement Services Group was founded in 1993 by Peter Kearney, who has some 25 years of experience in the business and serves on the American Funds Advisory Council.
"Our decision to join LaSalle St. became clear when we realized how greatly we would benefit from open access to senior management, and from the level of professionalism among home office staff," according to Kearney.
Kearney works closely with Jeff Kinzler, a financial advisor who has 30 years of industry experience. The firm says Patrick Kearney also has joined the team to "develop its client acquisition and servicing activities."
The best teams in our field leverage such advantages into exceptional retirement plan experiences for employers and employees. With LaSalle St. as our partner, we will become even better at doing so for our clients. During the current market upheaval, that's more important than ever."
LaSalle St. recently introduced a zero-rate M&A loan program and a fund and annuity direct help desk for advisors with assets held directly by mutual funds and insurance companies. Founded in 1974, LaSalle St. has some 300-plus financial advisors with about $10 billion in total client assets.
