Hightower Announces Acquisition of Financial Planning and Information Services
Hightower, a Chicago-based registered investment advisor, has announced its acquisition of a stake in Financial Planning and Information Services (FPIS) based in De Pere, Wis. FPIS, founded in 1985, currently manages more than $1.1 billion in assets under management. This acquisition marks Hightower’s fifth investment this year, following a recent agreement to take a majority stake in institutional consulting firm NEPC.
Under the leadership of President and CEO Ryan Wempe, FPIS will maintain its brand and team of 16 professionals. The deal will also allow for the promotion of two associate advisors to partners within the firm. Wempe expressed excitement about joining forces with Hightower, citing the access to new services and tools that will benefit their clients.
Advisor Growth Strategies advised FPIS on the deal, which aligns with Hightower’s goal of providing support for client-centric practices through business development consulting, marketing, technology support, and other services. With the addition of FPIS and NEPC, Hightower and its affiliates now oversee over $1.8 trillion in assets under advisement and $258 billion in assets under management.
Hightower is owned by private equity firm Thomas H. Lee Partners, which recently decided to keep the firm off the market after failing to secure the desired price from potential buyers. In a strategic move, Hightower appointed Gurinder Ahluwalia as president in April, bringing valuable expertise in the financial technology and services sector to the leadership team.
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