Hightower has made a strategic funding in Capital Administration Group of New York, a wealth administration and monetary planning agency with $3.3 billion in property, 38 employees members and workplaces in New York Metropolis and Pearl River, New York.

Hightower’s first introduced deal this 12 months makes CMG, beforehand affiliated with an impartial broker-dealer, a part of the wealth administration agency. Hightower made 12 transactions in 2023.

“Capital Administration Group of New York has a fame for creating refined monetary plans, and constructing lasting relationships, that assist their purchasers meet their holistic wealth wants over the brief and long run,” Hightower Chairman and CEO Bob Oros stated Tuesday.

“They’re in a pivotal progress section and Hightower can present new alternatives for his or her enterprise by offering further capabilities aimed to reinforce each the advisor and consumer experiences.”

CMG is the fifth wealth supervisor previously affiliated with an impartial broker-dealer that Hightower has invested in and introduced into its community. Hightower stated it gives advisors and their purchasers providers reminiscent of an in-house belief firm and a completely owned CPA agency providing tax planning and preparation providers.

“Our choice to maneuver to an RIA, from the impartial broker-dealer house was pushed by our steadfast dedication to progress and serving our purchasers’ evolving wants,” CMG founder and managing associate Thomas M. Mingone stated.

Hightower’s advisor neighborhood now includes 138 advisory companies in 35 states and Washington, D.C. As of Sept. 30, Hightower’s property below administration have been roughly $131 billion.

Amongst its earlier offers, Hightower in November introduced a strategic funding in Useful resource Consulting Group, a fee-only RIA based mostly in Orlando with 30 employees members and about $2.5 billion in property below administration.