Chicago-based Hightower has taken an ownership stake in Stearns Financial Group, a North Carolina-based registered investment advisor with $1.3 billion in client assets, its sixth transaction this year.
Stearns Financial Group is led by founder and President Dennis Stearns and has 32 employees, including 12 advisors, at its locations in Chapel Hill and Greensboro, N.C. The firm serves business owners, executives, multigenerational families, women in transition and the emerging affluent, a newly added service line.
"Being a part of Hightower's powerful community of advisors will allow us to leverage the benefits of a national RIA while maintaining our well-established brand, culture and business structure,” Stearns said. “The SFG team will continue to provide the professional financial planning, investment management and high touch service our clients have come to know and love, while Hightower brings back office support, advanced technology and NextGen training to our team."
Hightower now has 111 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.