Hightower Makes Strategic Investment in Teak Tree Capital Management

CHICAGO, Aug. 11, 2020 /PRNewswire/ -- Hightower today announced it has made a strategic investment in Teak Tree Capital Management, a $600 million advisory business in Fort Worth, Texas, that specializes in financial planning and research-driven investment strategies designed to protect and grow wealth.

Founded in 2009, Teak Tree has seven employees, including three advisors, serving entrepreneurs, business professionals, and multi-generational families.  Teak Tree's mission is to educate clients, organize and simplify their lives, and prompt them to take appropriate actions that benefit their financial lives.

Teak Tree will maintain its own brand.  Co-founder Adam Deem said Teak Tree was drawn to Hightower for its back-office resources and assistance, integrated technology, growth acceleration services, and supportive advisor community.

"Our firm was built on collaboration – our advisors and employees work closely together to serve our clients across all their wealth management needs," Deem said. "Joining Hightower will extend this collaboration as we gain access to the support and experience of other Hightower advisors. Idea-sharing really serves everyone well, especially our clients."

Stephen Kaye, co-founder and partner at Teak Tree, emphasized that succession planning takes years to implement, and that Hightower will be instrumental in ensuring that Teak Tree can go on for years to come.

"Adam and I aren't going anywhere anytime soon, but we have taken a big step toward making sure our clients will be OK for the long term," Kaye said.  "We told our clients in a recent letter that Teak Tree has gone from a child to an adult, and Hightower will attend to many of the needs of a mature business.  This is the right time to join with Hightower."

Teak Tree is Hightower's 5^th transaction in 2020. Including this transaction, Hightower now has 110 advisory businesses in 33 states.

"Teak Tree is a strong business that is poised for further growth in the Fort Worth area and beyond. We are excited to be providing the Teak Tree team with middle- and back-office operations, advanced integration, business acceleration services and additional client resources to give them more time to care for clients and nurture prospects," said Bob Oros, CEO of Hightower.

Hightower offers independent-minded advisory businesses a capital-rich partner and customizable suite of services designed to help accelerate both organic and inorganic growth. Hightower provides an advanced, integrated advisor platform – including technology, compliance, accounting, payroll, human resources, investment management services and marketing support. Advisory groups that partner with Hightower also gain access to business development consulting, leadership and team development, economies of scale, deep industry relationships and a nationwide advisor community.

As of June 30, 2020, Hightower's assets under administration (AUA) were approximately $75.7 billion and its assets under management (AUM) were $56.7 billion. The company grew 9.6% organically in 2019, up from 8% in 2018.

The transaction is expected to close in the fourth quarter of 2020, subject to regulatory approvals and other customary closing conditions.

About Hightower
Hightower is a wealth management firm that provides investment, financial and retirement planning services to individuals, foundations and family offices, as well as 401(k) consulting and cash management services to corporations. Hightower's capital solutions, operational support services, size and scale empower its vibrant community of independent-minded wealth advisors to grow their businesses and help their clients achieve their vision of "well-th. rebalanced." Based in Chicago with advisors across the U.S., the firm operates as a registered investment advisor (RIA). Learn more about Hightower's collaborative business model at www.hightoweradvisors.com.

Securities offered through Hightower Securities, LLC member FINRA/SIPC. Hightower Advisors, LLC is a SEC registered investment advisor.

Media Contact:
Patty Buchanan
JConnelly
(973) 567-9415
[email protected]

SOURCE Hightower

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