Hightower has announced its third deal in the last two weeks, this time investing in Bluerock Wealth Management, an Alpharetta, Ga.-based registered investment investor with $700 million in client assets. Bluerock represents Hightower’s ninth RIA deal this year.
Bluerock was founded in 2019 by Raj Chokshi and Rachael Neil, and the firm focuses on serving mid-career technology and medical professionals and their families in the Southeastern U.S. region. The firm has 11 employees, including five advisors.
“This is a great representation of what we think the future of our industry looks like, meaning a really well-run business, diverse, very clear client niche that they’re looking to serve and incredible growth,” said Bob Oros, CEO of Hightower.
Oros said Bluerock has had consistent mid to high double-digit organic growth, and the firm’s partnership with Hightower will help them sustain and increase that going forward. They plan to use Hightower for its operational, business consulting and other advisor services.
“With our marketing capabilities, with our broad suite of services, we give them the ability to amplify it even further,” Oros said.
“We chose Hightower because of the immense investment the firm has made across its entire platform, from technology, HR, trust and estate capabilities to marketing and business development support,” Chokshi said in a statement. “These services will allow us to focus on serving clients, nurturing prospects and attracting new assets.”
Bluerock also expects to bring on more talent to help serve its growing client base and may use Hightower’s mergers and acquisitions team to help source advisors.
“When you find a business that can consistently drive double-digit growth, that’s going to be attractive to other advisors,” Oros said. “Leveraging our breadth and depth there is just another lever to help them grow the firm they way they want to.”
The deal, expected to close in the fourth quarter, follows Hightower’s announcement last week that it will make an investment in Landsberg Bennett Private Wealth Management, a $1 billion RIA in Punta Gorda, Fla. Also last week, Hightower facilitated a subacquisition for partner firm Fairport Wealth, which acquired FMA Advisory, a wealth management firm in Harrisburg, Pa., with $500 million in assets under management.
Hightower’s services for RIAs include boosting organic and inorganic growth through business development consulting, marketing and tech support, as well as compliance, accounting, payroll and human resources services, among other attributes.
Hightower, which is based in Chicago, operates as an RIA and works with 119 advisory businesses in 34 states and the District of Columbia. The firm had $101 billion in assets under management as of the end of June.