Hightower has made a strategic investment in Wellspring Associates, a boutique wealth planning and consulting firm specialising in estate, tax, philanthropic and legacy planning for ultra-high net worth families and individuals.
Wellspring has offices in Atlanta and Dallas, serving families each with an average of USD50 million or more in assets.
By partnering with Hightower, Wellspring will expand its offering to high net worth families with assets of USD5 million and up, and will act as a resource for Hightower advisory businesses seeking to provide differentiated planning and wealth transfer solutions to their high net worth and ultra-high net worth clients.
“As an estate and tax-planning business, the Wellspring transaction represents a new dimension of Hightower’s M&A activity: We are actively using our size and scale to provide additional resources, capabilities and value to our advisors by giving them access to intergenerational wealth transfer and legacy planning services they may not otherwise have,” says Bob Oros, CEO of Hightower. “We are excited to be partnering with Wellspring and supporting them as they expand their offering to our community of advisors.”
Wellspring Associates has decades of experience serving ultra-high net worth families with complex financial lives and brings in-depth knowledge of the highly integrated trust, estate planning and insurance strategies required to meet their needs. Founded in 1981, Wellspring has five wealth integration teams, with a total of 15 employees. Its Wealth Integration Solution™ helps clients clarify their goals and family legacy, and integrates their financial advisor, family office, attorney, corporate attorney and CPA into the process of wealth transfer, business succession and philanthropic planning.
“Hightower is providing us with an unprecedented opportunity to collaborate with its advisors and business development team to find ways to add value to our collective client relationships,” says Greg Raabe, Managing Director at Wellspring Associates. “This collaboration, as well as Hightower’s strategic support and operational infrastructure, will help us exponentially grow and scale our client base.”
Hightower offers wealth management businesses a capital-rich partner and a customisable suite of services to help accelerate growth. Each strategic relationship or acquisition has its own bespoke set of solutions based on business needs. In addition to capital, Hightower’s offerings include an advanced, integrated platform, including technology, compliance, accounting, payroll, human resources, investment research/due diligence and marketing services.
Recent Hightower transactions include Schultz Collins, Lexington Wealth Management, LourdMurray, Green Square Wealth Management, WealthTrust and Salient Private Client (now Hightower Texas). As of 31 December, 2019, Hightower’s assets under administration (AUA) were approximately USD76.8 billion and its assets under management (AUM) were USD57.4 billion.