The wealth management firm adds Resource Consulting Group, a fee-only concern based in Orlando, Florida.
Hightower announced this week that it has acquired Resource Consulting Group, a fee-only registered investment advisor based in Orlando, Florida, with $2.5 billion in assets under management.
Resource Consulting Group, founded in 1988, offers investment management, financial planning and retirement planning services to a national client base of affluent households. The firm also serves “select institutional clients,” according to Hightower’s announcement.
The financial terms of the transaction were not made public, but Resource Consulting Group brings 30 employees to Hightower’s network, including a team of certified financial planners, certified public accountants, attorneys and one chartered financial analyst.
Responding to a request for comment from ThinkAdvisor, a Hightower representative confirmed that, “in all Hightower transactions, the principals maintain an economic interest in, as well as strategic and management control of, the business.”
According to Mike Davis, Resource Consulting Group’s founder, the Hightower partnership will allow his organization to “maintain autonomy and the firm’s distinct identity while gaining the necessary resources to elevate our client service offering to new heights.”
Gregg Biro, president and CEO of Resource Consulting Group, says the goal of the partnership is to “grow and evolve our business, while allowing us to deliver the same high-quality service to our clients that we’ve provided for 35 years.”
Bob Oros, Hightower’s chairman and CEO, noted that the deal was the 11th acquisition announced by Hightower in 2023, bringing its total footprint to some 135 financial advisory practices in 35 states and the District of Columbia.
The firm’s collective assets under management now stand at about $131 billion.
Pictured: Bob Oros