Hightower Subsidiary TC Wealth Partners Buys $800M EFG Advisors
TC Wealth Partners, a firm acquired by wealth manager Hightower Advisors in January 2022 to grow its footprint across the Greater Midwest, has acquired EFG Advisors, an $800 million wealth management firm serving business owners.
Financial terms of the transaction, the first announced by Hightower this year, were not disclosed. The addition of EFG Advisors marks the first sub-acquisition for TC Wealth and increases its assets under management to over $2 billion.
“By joining forces, we provide our clients with holistic offerings across every aspect of the financial planning landscape,” said Thomas P. Olexa, founder and president of EFG Advisors.
Founded in 2008, Hightower has pivoted from its initial strategy of luring experienced wirehouse brokers to operate hybrid RIAs under a common umbrella to buying revenue streams of large RIAs and then encouraging smaller ones to combine via sub-acquisitions to take advantage of operational synergies through the parent firm.
Chicago-based Hightower’s assets under administration are approximately $144.3 billion, and assets under management are $113.7 billion, an increase from $106.1 billion as of September 30, 2022.
