Hightower has made a strategic investment in Capital Management Group of New York, a wealth management and financial planning firm with $3.3 billion in assets, 38 staff members and offices in New York City and Pearl River, New York.
Hightower's first announced deal this year makes CMG, previously affiliated with an independent broker-dealer, part of the wealth management firm. Hightower made 12 transactions in 2023.
"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," Hightower Chairman and CEO Bob Oros said Tuesday.
"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 the fifth wealth manager formerly affiliated with an independent broker-dealer that Hightower has invested in and brought into its network. Hightower said it offers advisors and their clients services such as an in-house trust company and a wholly owned CPA firm offering tax planning and preparation services.
"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," CMG founder and managing partner Thomas M. Mingone said.
Hightower's advisor community now comprises 138 advisory businesses in 35 states and Washington, D.C. As of Sept. 30, Hightower's assets under management were approximately $131 billion.
Among its previous deals, Hightower in November announced a strategic investment in Resource Consulting Group, a fee-only RIA based in Orlando with 30 staff members and about $2.5 billion in assets under management.
