Hightower makes strategic investment in Siller & Cohen Family Wealth Advisors
Hightower has made a strategic investment in Siller & Cohen Family Wealth Advisors, an USD830 million wealth management firm in Rye Brook, New York that provides multi-generational financial planning, investment management and estate planning services to high net worth individuals and families.
Joining Hightower provides Siller & Cohen access to the firm's operational, investment management and business acceleration services, as well as advanced technology, helping the group enhance its offering to clients and catalyze growth.
Founded in 1988 by Randy Siller and Jeffrey Cohen, the group serves entrepreneurs and business owners, C-suite executives, and other high net worth and ultra-high net worth individuals and families. The team's specialties include multi-generational estate planning, active tax management, risk management, business exit and succession planning, comprehensive financial planning, and planning for clients facing divorce. Siller & Cohen has 11 employees, including five advisers. The team includes 8 professionals who have one or more of the following designations: CFP®, CIMA®, CPA, and Master's degrees.
"Siller & Cohen, a highly successful business serving affluent clients with complex financial lives, has a prominent reputation in the New York metro area for its highly effective estate planning methodology and holistic wealth management for multiple generations of families," says Hightower CEO Bob Oros. "We are thrilled and honored that they have chosen Hightower for the next phase of their growth and welcome them to our advisor community."
This is Hightower's third M&A transaction in 2021, following nine in 2020.
"Hightower's range of services – from investment management insights to marketing and business development support – are highly suited to helping us enter the next chapter of our growth," said Cohen. "We are excited to consult with the Investment Solutions group about our asset allocation models and content needs, and will work closely with the Hightower marketing team to build out a range of multi-media vehicles to engage with our clients and potential clients."
"After considering nine strategic partners, we chose Hightower because we were impressed with their people, their intellectual capital and their institutional-level infrastructure, which will help us serve more families and support our growth," says Siller. "We are looking forward to leveraging Hightower's integrated technology for opening accounts, managing portfolios, viewing held-away assets and providing clients with access to their full financial picture via the mobile client portal."
Hightower offers its 115 advisory businesses in 33 states a range of services designed to catalyse and accelerate organic and inorganic growth, including technology, compliance, accounting, payroll, human resources, investment management and marketing support. Advisory groups that partner with Hightower also gain access to capital, business development consulting, leadership and team development, economies of scale, deep industry relationships and a nationwide advisor community.
As of 31 December, 2020, Hightower's assets under administration (AUA) were approximately USD102.5 billion and its assets under management (AUM) were USD79.6 billion.