Hightower Acquires $2.5B RIA

Hightower announced this week that it has acquired Resource Consulting Group, a fee-only registered investment advisor based in Orlando, Florida, with $2.5 billion in assets under management.

Resource Consulting Group, founded in 1988, offers investment management, financial planning and retirement planning services to a national client base of affluent households. The firm also serves “select institutional clients,” according to Hightower’s announcement.

The financial terms of the transaction were not made public, but Resource Consulting Group brings 30 employees to Hightower’s network, including a team of certified financial planners, certified public accountants, attorneys and one chartered financial analyst.

Responding to a request for comment from ThinkAdvisor, a Hightower representative confirmed that, “in all Hightower transactions, the principals maintain an economic interest in, as well as strategic and management control of, the business.”

According to Mike Davis, Resource Consulting Group’s founder, the Hightower partnership will allow his organization to “maintain autonomy and the firm’s distinct identity while gaining the necessary resources to elevate our client service offering to new heights.”