Hightower Opens 2024 with $3.3B Acquisition of NY Wealth Manager 

Hightower, the Chicago-headquartered registered investment advisor aggregator, has acquired Capital Management Group (CMG) of New York, a wealth management and financial planning firm with $3.3 billion in assets and offices in New York City and Pearl River, N.Y.  

This is Hightower’s first announced deal of 2024 after announcing 12 transactions in 2023. It is also the fifth firm formerly linked with an independent broker-dealer that Hightower has made a strategic investment in and onboarded to its network.  CMG was previously affiliated with Equitable Advisors. 

Financial terms of the deal were not disclosed. 

CMG, founded in 1992 by Thomas M. Mingone, has six co-owner partners and six other advisors, for a total of 38 members. It provides asset allocation, protection planning, charity giving, tax-advantaged investment, and estate planning as part of its holistic approach to financial planning and wealth management. 

“They (CMG) are in a pivotal growth phase and Hightower can provide new opportunities for their business by providing additional capabilities aimed to enhance both the advisor and client experiences,” said Hightower chairman and CEO Bob Oros. 

Hightower had $131 billion in assets under management as of September 30, 2023, and a network of 138 advisors. In November, it invested in $2.5 billion Orlando, FL-based Resource Consulting Group. Its 2023 acquisitions included $1.6 billion Meyer Capital Group, as well as GMS Surgent. In August, it facilitated the sub-acquisitions of Trellis Advisors by Highland Private Wealth Management and Wealth CMT by Fairport Wealth.