Hightower Expands Services with Acquisition of Accounting Firm

Hightower, a leading financial advisory firm, has announced the acquisition of GMS Surgent, an accounting firm based in Devon, PA. This strategic move expands Hightower’s in-house services and introduces a subsidiary business offering tax services. By broadening their menu of services, Hightower aims to strengthen advisor-client relationships and provide a comprehensive wealth management experience.

According to Hightower Chairman and CEO Bob Oros, this new structure will provide their advisors with a vetted resource to deliver seamless tax services to clients. By empowering advisors to concentrate on their core services, this alliance allows them to foster stronger relationships with their clients.

This acquisition marks the ninth of the year for Hightower. Unlike previous deals where Hightower acquired pure-play wealth management firms, this acquisition demonstrates the company’s commitment to nationwide expansion as a registered investment advisor. Currently, Hightower oversees 135 advisory businesses in 34 states and Washington, D.C., with $148.2 billion in assets under administration ($119.9 billion under management) as of March 31.

The terms of this latest deal have not been disclosed; however, it involved a mix of cash and equity. With this acquisition, Hightower continues its mission to deliver holistic wealth management services and solidify its position as a leader in the industry.

Hightower Expands its Suite of Services with GMS Surgent Acquisition

Hightower, a leading registered investment advisor (RIA), is dedicated to partnering with growth-oriented firms that prioritize exceptional client service and possess strong leadership for long-term sustainability. As part of their value proposition, Hightower assumes back-office responsibilities such as technology, compliance, and marketing, enabling advisors to focus on client relationships and business growth.

In addition to these support functions, Hightower has been actively expanding its suite of services to include estate planning, trusts, and insurance placement. Their latest strategic move involves the acquisition of GMS Surgent, a team of approximately 30 tax, accounting, and support professionals.

Under its own brand, GMS Surgent will operate as a fully-owned subsidiary within Hightower’s Wealth Solutions platform. This platform offers a range of specialty services that Hightower advisors can leverage to enhance their wealth management practice.

What sets this acquisition apart is that it marks the first time Hightower establishes an entity exclusively focused on tax and accounting services, whereas before, these matters were handled on a smaller scale through outsourced engagements with third-party CPA firms. By bringing these functions in-house and integrating them into their platform, Hightower aims to provide a more efficient and seamless experience for their clients.

The addition of GMS Surgent will empower Hightower advisors with direct access to a comprehensive CPA shop that can effectively navigate complex tax situations on behalf of their clients. This strategic move further solidifies Hightower’s commitment to delivering top-notch service while expanding their capabilities in the ever-evolving financial landscape.

Tax Strategy and Investor’s Financial Health

Tax strategy plays a crucial role in ensuring the overall financial health and well-being of an investor. Recognizing its significance, Hightower, a leading financial institution, is continuously evolving and enhancing its institutional-class family office capabilities.

To further strengthen its services, Hightower now provides its advisors with access to Certified Public Accountant (CPA) services. This addition in their repertoire empowers the advisors to better assist investors in navigating the complex world of taxes and finance.