Hightower has purchased Vigilant Wealth Management, a full-service wealth management firm with offices in Portland, Maine, and Portsmouth, New Hampshire.
The firm also manages $2.3bn in client assets for 500 households.
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Why Vigilant?
The three co-founding principals of Vigilant, Scott D. Sorensen, CFA, ChFC, and Daniel M. Mulkern, MBA, are in charge of the company, which was founded in 2002 and today employs 31 people, including 11 financial advisers.
The company specialises in offering complete wealth planning and investing solutions to high-net-worth individuals, families, executives, and business owners.
“We chose to align with Hightower because of their partnership approach – providing scaling and strategic planning resources to our firm, while leaving us with the entrepreneurial freedom to control the identity, culture and strategic direction of Vigilant,” said Jeffrey F. Carlisle.
“We also share a focus in developing next-generation talent; the practical examples they shared from the Hightower Center for leadership, ongoing working groups, and more made it clear that it’s something they have put significant resources behind.”
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By GlobalDataWith Hightower, Vigilant will have access to a variety of value-added services, including as middle- and back-office support, business development consultation, marketing expertise, and a national advisor community, helping the company to maintain its swift organic growth.
“Vigilant Wealth Management encompasses everything Hightower looks for in a partner: a holistic wealth management offering, stellar organic growth approach, and impressive leadership team committed to the long-term well-being of its clients and people,” said Hightower chairman and CEO Bob Oros.
“We look forward to helping them scale their operations and further develop the next generation of leaders.”
A variety of services are provided by Hightower to its 132 advising firms in 34 states and the district of Columbia in an effort to help and accelerate organic growth.
Partnering with Hightower also gives advisory organisations access to scale economies, significant industry connections, and a community of advisors across the country.
Assets under management (AUM) at Hightower increased from $113.7bn as of December 31 2023, to $119.9bn as of March 31 2023, totalling approximately $148.2bn.
Cambridge International Partners advised Vigilant Wealth Management on the deal.
