Chicago-based Hightower announced its seventh transaction this year, this time taking an ownership stake in Argent Wealth Management, a Waltham, Mass.-based registered investment advisor with $1.7 billion in client assets. Just two days ago, Hightower announced a deal with Stearns Financial Group, a North Carolina-based RIA with $1.3 billion in client assets.
Argent founder and CEO David Duchesneau said the move would allow his firm to focus more on serving clients. The firm will use Hightower for middle- and back-office support. The RIA has 22 employees, including 11 advisors, and it focuses on financial planning, investment management, retirement planning, estate planning and charitable giving, and holistic tax planning.
Hightower now has 112 advisory businesses in 33 states. As of June 30, the firm had approximately $75.7 billion in assets under administration and $56.7 billion in assets under management.
The deal is expected to close in the fourth quarter.