Hightower has made a strategic funding in Grant Tani Barash & Altman, a enterprise administration agency in Los Angeles. In contrast to Hightower’s typical offers the place it acquires registered funding advisor companies, this helps the agency construct out a enterprise administration vertical, bringing Grant Tani Barash & Altman’s private chief monetary officer providers to Hightower advisors.
“Most of our offers are RIAs including scale, which means advisors, belongings, shoppers to the platform,” Hightower CEO Bob Oros mentioned in an unique interview. “Our strategic funding in Grant Tani Barash & Altman is absolutely an funding in including new capabilities for our advisors and their shoppers.”
These private CFO providers embody bookkeeping and accounting, invoice fee, tax preparation and different concierge monetary administration capabilities, Hightower mentioned.
Grant Tani Barash & Altman will proceed to function independently and can leverage Hightower’s center and back-office providers. Their providing may also be built-in into Hightower’s suite of providers.
“We’ll construct a vertical throughout the agency to serve the ultra-high-net-worth shoppers of Hightower Advisors, so it’s actually leveraging every part they already do for his or her area of interest, and providing it to a brand new set of shoppers that they’ll serve,” Oros mentioned.
Forty % of Hightower’s belongings come from households with $15 million or extra. As of Dec. 31, 2021, Hightower had $144 billion in belongings below administration and $117.8 billion in belongings below administration. Oros expects the agency to proceed to develop within the ultra-high-net-worth section.
This acquisition provides to Hightower’s present providers for ultra-high-net-worth shoppers, together with its tax and property planning capabilities, by way of its April 2020 funding in Wellspring Associates. Hightower can also be engaged on offering private belief providers and acquired conditional approval this summer season to covert its Texas-based belief firm right into a nationally chartered belief firm.
“This suits in very properly with all these capabilities by way of holistically with the ability to serve the wants of the ultra-high-net-worth and actually bringing a real end-to-end household workplace sort of mannequin,” Oros mentioned.
Grant Tani Barash & Altman, which was based in 1992, has 80 workers bringing these providers to its present shoppers. The agency focuses on serving the leisure business, together with actors, actresses, administrators and producers.
The companies wouldn’t disclose the phrases of the deal, besides to say that it concerned a mixture of money and fairness.