Hightower, an American financial services firm, has announced its strategic investment in Boston Hill Advisors (BHA), a fee-based registered investment advisor (RIA) based in North Andover, Massachusetts.
Boston Hill Advisors, which has $1bn in assets, serves high-net-worth individuals and institutional clients across the New England region, operating through three offices throughout the state.
Founded in 2006 by managing partners Joseph Trainor and Michael Edwards, Boston Hill Advisors offers financial planning and wealth management services. The firm has established approximately 1,000 client relationships and employs 17 individuals, including eight experienced advisors.
Trainor said: “Michael and I are entrepreneurs at heart and we are extraordinarily proud of our team and of the business we have built.
“This partnership with Hightower—who are client-focused, growth oriented, and looking for true partners—allows us to continue to deliver a high-end experience by putting our clients front and center, all while providing behind-the-scenes support to help grow and scale our business to the next level.”
Boston Hill Advisors chose Hightower as its strategic partner to leverage Hightower’s growth consulting services, as well as its middle and back-office operations and infrastructure. This collaboration aims to enhance Boston Hill Advisors’ service offerings for both new and existing clients, ensuring a seamless and comprehensive wealth management experience.
Hightower chairman and CEO Bob Oros said: “Boston Hill Advisors is a firm that has built a reputation in the Boston region—both a big city and a small town—as a trusted advisor to individuals, families, and institutions.
“We are excited to provide our value-added services to support their long-lasting relationships with multiple generations of clients.”
Hightower, with a nationwide presence, provides a range of services to its 132 advisory businesses across 34 states and the District of Columbia. These services include business development consulting, talent acquisition, leadership and team development, technology solutions, marketing support, investment management resources, compliance, accounting, payroll, and human resources.
Additionally, Hightower offers inorganic growth services such as sourcing, valuation, deal structuring, legal and regulatory support, due diligence, pre- and post-close integration, and capital resources for mergers and acquisitions.
By partnering with Hightower, advisory groups gain access to economies of scale, deep industry relationships, and a vibrant nationwide advisor community. This collaboration allows for enhanced growth opportunities and expanded client service capabilities.
As of 31 March 2023, Hightower’s assets under administration reached approximately $148.2bn, with assets under management (AUM) totalling $119.9bn, which is an increase from $113.7bn reported as of 31 December 2022.