Chicago-based RIA aggregator Hightower has made a strategic investment in Resource Consulting Group, an Orlando, Fla.-based fee-only registered investment advisor with about $2.5 billion in assets under management, according to an announcement today.
The financial terms of the investment were not disclosed.
Founded in 1988 by vice president and wealth advisor Mike Davis, Resource Consulting Group (RCG), which has 30 employees, offers investment management, financial planning and retirement planning services to wealthy and ultra-wealthy households as well as select institutional clients, according to the press announcement. The firm says it bases its investing style in academic research founded in the modern portfolio theory, securities’ historical pricing information and asset allocation.
Davis, in a statement, said the partnership with Hightower allows RCG “to maintain autonomy and the firm’s distinct identity while gaining the necessary resources to elevate our client service offering to new heights.”
Gregg Biro, RCG’s president and CEO, added, “We were seeking a forward-thinking strategic partner that could help us grow and evolve our business, while allowing us to deliver the same high-quality service to our clients that we’ve provided for 35 years. We are confident that Hightower’s entrepreneurial approach to partnership, coupled with their value-added service model, will help get us there faster.”
Bob Oros, Hightower’s chairman and CEO, said, “Resource Consulting Group’s commitment to their clients, alongside their unwavering dedication to fostering the personal growth of their employees, aligns perfectly with our core values.” The firm’s decision to partner with Hightower “underscores our mutual respect for cultivating talent and reaffirms our shared people-centric approach to wealth management. I am delighted to welcome them to the Hightower community as they embark on the next phase of their growth journey,” Oros added.
Hightower offers investment, financial and retirement planning services through 135 financial advisory businesses in 35 states and the District of Columbia. As of June 30, the firm had about $131 billion in AUM.