Two firms in Downers Grove, Ill., are merging to form a bigger, more robust hybrid registered investment advisor. Professional Wealth Advisors and HighPoint Planning Partners are merging to create a firm with $8.5 billion in AUM and more than 200 advisors, according to an announcement.
The merger comes as both firms restructure to attract breakaways from wirehouses and banks and provide those reps with an infrastructure that mirrors what they’ve grown accustomed to.
"The HighPoint merger significantly ramps up our capability for advisor transitions and expands client options to more offerings and more services,” PWA managing partner Josh Gerry said.
Gerry said the merger bolsters PWA’s financial planning, investments, legal, insurance and tax services for clients. HighPoint, which managed $2.2 billion in client assets, will also provide compliance and back-office support for independent financial advisors while continuing as an office of supervisory jurisdiction and RIA for LPL.
“This merger is a tremendous opportunity to share our strengths with PWA while supporting more advisors," said Craig Ibrahim, managing partner and principal at HighPoint.