Hightower Makes “Strategic” Investment in Tax, Advisory Firm

Wealth manager Hightower made a strategic investment in Philadelphia-based GMS Surgent, a tax and advisory firm.

Specific financial terms of the deal were not disclosed; however, a spokesperson told Connect Money that the transaction was a mix of cash and equity.

The investment is Hightower’s ninth deal of 2023, and the latest in its Wealth Solutions platform; a resource for advisors including trust services, estate planning, insurance placement, business owner services and more.

Hightower said advisors will now gain access to business and individual tax and advisory services, including full-service CPA firm capabilities.

Established in 1992, and with a team of approximately 30 employees, GMS Surgent is led by Managing Partners Brian Gallagher, Jack Surgent and Lauren Adamski.

“As we work closely with Hightower, we are excited to have the opportunity to enhance the client experience with our knowledge of tax planning and business consulting,” said Gallagher.

As of March 31, 2023, Hightower’s assets under administration were approximately $148.2 billion, and assets under management were $119.9 billion.

The transaction closed June 30, 2023.