Hightower Advisors announced Tuesday that it had continued to expand its new Hightower Signature Wealth division by adding an affiliate firm with a 30-person team managing about $2.5 billion in client assets.Stearns Financial Group, based in Greensboro and Chapel Hill, N.C., was founded in 1991 and joined Hightower in 2022 as part of the firm’s acquisition push under former CEO Bob Oros. Now, the firm is part of Chicago-based Hightower’s new employee channel, Hightower Signature Wealth, launched under CEO Larry Restieri last October.“We considered 12 key client areas, and Hightower Signature Wealth met all 12 criteria to help clients,” said Dennis Stearns, founding partner and senior wealth manager of the firm. “We encouraged open and honest debate from our partners, advisors and team over the pros and cons, and we voted unanimously to join.”Stearn said the firm’s partners sold equity in the firm through the deal, but still have “many opportunities to grow our compensation.”Related:Allworth Financial Acquires $1.1B Tax-Focused RIA SachettaRestieri has said Signature Wealth would become a major division of Hightower to be seeded by both affiliates and newly acquired firms. The inclusion of Stearns Financial helps further that goal, with the unit at about $40 billion AUM and more than 160 advisors after the deal.“SFG has been a valued part of the Hightower community for several years, making this a natural next step in our relationship,” Restieri said in a statement.As part of Hightower Signature Wealth, Stearns will get access to the division’s operational and investment capabilities. It will also start using a new centralized wealth platform called Hightower One, which the firm is rolling out this summer, as Randy Bullard, head of investment management at Hightower, discussed with Wealth Management earlier this year.“We’re looking forward to many growth opportunities and enhanced support for our advisors and our team,” Stearns said. “Keeping the best of our advisor engagement with added resources will help our clients as we navigate the accelerating age of disruption.”In July, Hightower Signature Wealth added three firms overseeing $5 billion in client assets. In March, the division made its most high-profile external acquisition by bringing on Journey Strategic Wealth, an RIA with $5 billion in AUM run by CEO Penny Phillips.The bulk of Hightower’s assets are still spread among affiliate advisors, with more than $350 billion in total client assets.
