Hightower has made a strategic investment in Grant Tani Barash & Altman, a business management firm in Los Angeles. Unlike typical Hightower transactions where it acquires registered investment advisory firms, this helps the firm develop a business management vertical, bringing the services of Grant Tani Barash & Altman’s personal financial director to Hightower’s advisors.
“Most of our transactions are RIAs that add scale, i.e. advisors, assets, customers to the platform,” Hightower CEO Bob Oros said in a statement. exclusive interview. “Our strategic investment in Grant Tani Barash & Altman is truly an investment in adding new capabilities for our advisors and their clients.”
These personal CFO services include bookkeeping and accounting, bill paying, tax preparation and other janitorial financial management capabilities, Hightower said.
Grant Tani Barash & Altman will continue to operate independently and leverage Hightower’s middle and back office services. Their offering will also be integrated with Hightower’s suite of services.
“We’re going to create a vertical within the business to serve the very high net worth clients of Hightower Advisors, so it’s really about taking what they’re already doing for their niche and offering it to a new set of customers they can serve,” Oros said.
Forty percent of Hightower’s assets come from families with $15 million or more. As of December 31, 2021, Hightower had $144 billion in assets under administration and $117.8 billion in assets under management. Oros expects the company to continue growing in the ultra-high net worth segment.
This acquisition adds to Hightower’s existing services for ultra-high net worth clients, including its tax and estate planning capabilities, through its April 2020 investment in Wellspring Associates. Hightower is also working on providing personal trust services and received conditional approval this summer to convert its Texas-based trust company to a nationally chartered trust company.
“It fits very well with all of those capabilities in terms of being able to holistically cater to the needs of the ultra-high net worth and bring a true end-to-end family office type model,” Oros said.
Grant Tani Barash & Altman, which was founded in 1992, has 80 employees who provide these services to its existing clients. The company specializes in serving the entertainment industry, including actors, actresses, directors and producers.
The companies did not disclose the terms of the deal except to say it involved a mix of cash and equity.