Hightower has produced a strategic financial investment in Grant Tani Barash & Altman, a company administration firm in Los Angeles. In contrast to Hightower’s common discounts exactly where it acquires registered expense advisor companies, this assists the agency construct out a business enterprise management vertical, bringing Grant Tani Barash & Altman’s own main money officer expert services to Hightower advisors.
“Most of our bargains are RIAs introducing scale, indicating advisors, assets, shoppers to the system,” Hightower CEO Bob Oros said in an unique interview. “Our strategic financial investment in Grant Tani Barash & Altman is really an expenditure in including new abilities for our advisors and their clients.”
All those personalized CFO services include things like bookkeeping and accounting, monthly bill payment, tax preparation and other concierge fiscal management abilities, Hightower explained.
Grant Tani Barash & Altman will go on to operate independently and will leverage Hightower’s middle and back again-office environment companies. Their presenting will also be built-in into Hightower’s suite of services.
“We’ll construct a vertical in the company to provide the ultra-high-net-really worth clients of Hightower Advisors, so it’s truly leveraging everything they now do for their market, and providing it to a new established of purchasers that they can serve,” Oros reported.
Forty p.c of Hightower’s belongings come from households with $15 million or far more. As of Dec. 31, 2021, Hightower had $144 billion in assets below administration and $117.8 billion in assets underneath administration. Oros expects the agency to keep on to grow in the extremely-large-web-well worth phase.
This acquisition adds to Hightower’s present services for ultra-superior-net-worthy of customers, including its tax and estate setting up capabilities, by means of its April 2020 investment in Wellspring Associates. Hightower is also performing on giving personalized have confidence in products and services and acquired conditional approval this summer season to covert its Texas-based mostly trust corporation into a nationally chartered believe in corporation.
“This matches in extremely nicely with all individuals abilities in conditions of holistically staying equipped to provide the requires of the ultra-superior-internet-truly worth and definitely bringing a correct stop-to-conclusion spouse and children business office variety of product,” Oros stated.
Grant Tani Barash & Altman, which was founded in 1992, has 80 staff members bringing these services to its present shoppers. The firm specializes in serving the leisure sector, such as actors, actresses, directors and producers.
The corporations would not disclose the terms of the offer, other than to say that it included a blend of dollars and equity.