Lexington Wealth Management (LWM), a Lexington, Mass.-based advisory group that serves entrepreneurs, executives, professionals, affluent women, high-net-worth individuals and families, received an investment from HighTower.
The amount of the deal was not disclosed. The transaction is expected to close in the third quarter of 2019, subject to regulatory approvals and other customary closing conditions.
Now, the practice plans to grow its client base, expand through acquisitions and scale the business.
Founded in 2000 by Michael Tucci and Kristine Porcaro, LWM focuses on helping clients navigate life events by understanding the emotional aspects of their financial decisions.
The firm, which has $1 billion in assets under advisement,has 17 employees, including 11 advisors.
HighTower is a national wealth management firm that provides growth capital and front- to back-end support services to independent-minded financial advisory businesses. Operating as a Registered Investment Advisor, HighTower provides investment, financial and retirement planning services to individuals, foundations and family offices. Corporate services include 401(k) consulting and corporate cash management.
The LWM transaction follows strategic investments earlier this year in LourdMurray and Green Square Wealth Management, and, in the last two years, WealthTrust and Salient Private Client (now HighTower Texas), including Salient Private Client’s trust group.
HighTower is backed by Boston-based private equity firm Thomas H. Lee Partners.
FinSMEs
20/08/2019