Valley Financial Group, an independent wealth management practice based in Pennsylvania, is set to be acquired by Hightower Signature Wealth, Hightower’s fully integrated national wealth management practice.
Financial terms of the deal remain undisclosed.
The agreement represents the second outside acquisition for Hightower Signature Wealth this year and forms part of Hightower’s plan to widen the business through established advisory firms.
Valley manages roughly $275m in assets under management (AUM) and offers financial planning and investment management services to individuals, families and businesses.
Its client base spans the Greater Philadelphia area and includes individuals and families, business owners, company staff and first responders.
After completion, Valley’s employees will join Hightower Signature Wealth and will continue to work with clients from the Ambler office.
Valley Financial Group managing partner Kevin McGarry said: “As we considered Valley’s next chapter, we wanted a partner that shared our client-first philosophy and could provide the resources to continue elevating the service we provide our clients.
“HTSW gives us greater scale and expanded capabilities while preserving the personal relationships that have always been at the heart of our firm.”
With the addition of Valley, Hightower Signature Wealth will oversee about $40bn in AUM, with more than 160 advisers across more than 35 locations in the US.
The deal is due to close later this summer.
Hightower CEO Larry Restieri said: “Valley has built a trusted advisory practice grounded in deep client relationships, thoughtful advice and a strong commitment to its community.
“Welcoming Valley to HTSW further demonstrates the appeal of our integrated practice to established firms looking to accelerate growth, enhance the client experience and create longevity for their teams.”
Last year, Hightower Advisors invested in Lindbrook Capital, a Los Angeles, California-based wealth management firm.
“Hightower to acquire Pennsylvania’s Valley Financial Group ” was originally created and published by Private Banker International, a GlobalData owned brand.
