Hightower Makes Strategic Investment in Argent Wealth Management


Hightower today announced it has made a strategic investment in Argent Wealth Management, a $1.7 billion advisory practice based in Waltham, Mass. Argent will leverage Hightower's middle and back-office support and community expertise to focus on growing their business.

Founded in 1992, Argent has 22 employees, including 11 advisors, who serve high net worth individuals and families in the greater Boston area. A client-centric practice, Argent provides advice on financial planning, investment management, retirement planning, estate planning and charitable giving, with a deep focus on holistic tax planning solutions for clients.

"We are delighted to be joining the Hightower community, which feels like a perfect fit for our business," said David Duchesneau, Argent's founder and CEO. "Partnering with Hightower will enable us to keep our individuality as a practice while freeing up time and energy for us to do more of what we love most: Help our clients solve problems and grow their wealth."

Argent is Hightower's 7th transaction in 2020. Including Argent, Hightower now has 112 advisory businesses in 33 states.

"Argent's intensive focus on financial planning and its depth of knowledge in the tax space has made Argent advisors among the most sought-after in the Boston area," said Bob Oros, CEO of Hightower. "We welcome the Argent team to our community, and look forward to supporting them as they deepen their relationships with clients and seek opportunities to grow and scale."

Hightower offers independent-minded advisory businesses a capital-rich partner and customizable suite of services designed to help accelerate both organic and inorganic growth. Hightower provides an advanced, integrated advisor platform – including technology, compliance, accounting, payroll, human resources, investment management services and marketing support. Advisory groups that partner with Hightower also gain access to business development consulting, leadership and team development, economies of scale, deep industry relationships and a nationwide advisor community.

As of June 30, 2020, Hightower's assets under administration (AUA) were approximately $75.7 billion and its assets under management (AUM) were $56.7 billion. The company grew 9.6% organically in 2019, up from 8% in 2018.

The transaction is expected to close in the 4th quarter of 2020, subject to regulatory approvals and other customary closing conditions.

About Hightower

Hightower is a wealth management firm that provides investment, financial and retirement planning services to individuals, foundations and family offices, as well as 401(k) consulting and cash management services to corporations. Hightower's capital solutions, operational support services, size and scale empower its vibrant community of independent-minded wealth advisors to grow their businesses and help their clients achieve their vision of "well-th. rebalanced." Based in Chicago with advisors across the U.S., the firm operates as a registered investment advisor (RIA). Learn more about Hightower's collaborative business model at www.hightoweradvisors.com.

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