Hightower Continues Growth Streak With $2B RIA Acquisition

What You Need to Know

Hightower said Wednesday it acquired Vigilant Wealth Management.
Vigilant specializes in providing solutions to high-net-worth individuals and families, executives, entrepreneurs and business owners.
The specific terms of the transaction were not disclosed, but a Hightower spokesperson said the deal is expected to close around June 30.

Hightower, a registered investment advisor, said Wednesday it acquired RIA Vigilant Wealth Management, a full-service wealth management business with offices in Portland, Maine, and Portsmouth, New Hampshire, that manages about $2.3 billion in client assets across 500 households.

“We’re not disclosing specific terms of the transaction,” a Hightower spokesperson told ThinkAdvisor. “What we can say is that the transaction involved cash and equity” and “the deal is expected to close around June 30.”

The deal was made as a “strategic investment” by Hightower, the company said. Vigilant was advised on the transaction by Cambridge International Partners.

This was the fifth deal announced by Hightower so far this year. The firm said on May 8 it made a strategic investment in TEN Capital Wealth Advisors, a $1 billion RIA with offices in Seattle and Spokane, Washington, calling it one of the fastest-growing firms in the Pacific Northwest.

On Feb. 28, Hightower said it facilitated its first sub-acquisition, for Schultz Collins Investment Counsel, a Hightower advisory business based in Orinda, California.

On Feb. 13, Hightower said it made a strategic investment in Bickling Financial Services, a Lexington, Massachusetts-based firm with about $625 million in assets under management.

Additionally, on Feb. 8, Hightower said it facilitated a strategic merger between TC Wealth Partners and EFG Advisors, boosting TC assets to over $2 billion.

Vigilant was founded in 2002 and has 31 employees, including 11 wealth advisors. It is led by its three co-founding principals: Jeffrey F. Carlisle, Daniel M. Mulkern and Scott D. Sorensen. The company specializes in providing comprehensive investment and wealth planning solutions to high-net-worth individuals and families, executives, entrepreneurs and business owners.