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Hightower Takes Stake in Wellspring Associates

The deal brings intergenerational wealth transfer and legacy planning to Hightower's advisors and allows Wellspring to expand downstream.

Hightower has made a strategic investment in Wellspring Associates, a wealth planning and consulting firm specializing in estate, legacy, philanthropic and tax planning for the ultra wealthy. The terms of the deal were not disclosed, but a Hightower spokesperson said the investment was significant.

Wellspring has offices in Atlanta and Dallas and works with ultra-high-net-worth families and individuals with an average $50 million or more in assets. But Hightower’s investment will allow the firm to go downstream, serving clients with $5 million in assets and up.

Wellspring will also provide consulting services to Hightower’s advisors, many of whom have clients with $5 million or more that would benefit from intergenerational wealth transfer, business succession and philanthropic planning. The firm’s advisors will also be able to tap Wellspring’s specialists for trust, estate planning and insurance strategies.

“The Wellspring transaction represents a new dimension to Hightower’s M&A activity: We are actively using our size and scale to provide additional resources, capabilities and value to our advisors by giving them access to intergenerational wealth transfer and legacy planning services they may not otherwise have,” said Bob Oros, the CEO of Hightower, in a statement.

“This collaboration, as well as Hightower’s strategic support and operational infrastructure, will help us exponentially grow and scale our client base,” said Greg Raabe, the former president turned managing director at Wellspring Associates.

A spokesperson for Hightower said the company’s corporate marketing team will promote Wellspring to its advisors to ensure they understand the full scope of the firm.

Chicago-based Hightower says it is looking for investments and partnerships that will add additional value to its advisor force and help it scale. The aggregator has recently invested in or acquired Schultz Collins, Lexington Wealth Management, LourdMurray, Green Square Wealth Management, WealthTrust and Salient Private Client, which is now Hightower Texas.

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