Hightower Acquires $1.65B TC Wealth And Trust Company Subsidiary – Financial Advisor Magazine

Hightower, a Chicago-based wealth management firm, has acquired TC Wealth Partners, a wealth management, trust and retirement plan services company overseeing $1.65 billion in client assets, the company announced.

Financial details of the transaction were not released.

Founded in 1993, TC Wealth is based in Downers Grove, Ill. and provides diversified wealth, trust and plan advisory services to more than 800 high-net-worth individuals, families, business owners and institutions clients nationwide, according to a news release. Led by CEO William Giffin, a 30-year industry veteran, the company has 30 employees, including a five-person management team that will continue to play a key leadership role. The deal closed Dec. 31, according to the release.

“As a business with a robust roster of affluent client families and a diverse range of institutional clientele, we have ambitions to grow our footprint and expand our capabilities—though of paramount importance to us is keeping the boutique feel of our business and our relationships,” Giffin said in the news release. “Joining Hightower—a large, institutional-class RIA—allows us to leverage their operational infrastructure, strategic guidance, talent and business development capabilities so we can focus on what we do best: helping people in need of wealth management advice.”

As part of the deal, Hightower also acquired The Trust Company of Illinois, a TC Wealth subsidiary, which delivers trust and estate planning, administration, guardianship, executor and co-executor services and retirement plan services. This acquisition serves as a continued step toward Hightower’s mission to deliver sophisticated trust and estate services across the broader Hightower community, the news release said.

“Like all our deals, it starts with the quality of the leadership team who we feel very strongly can help drive additional growth in the business,” Hightower CEO Bob Oros said in an email yesterday. “By joining Hightower, TC Wealth will expand its own footprint throughout the Midwest.”

Oros said that The Trust Company of Illinois would eventually be rolled into Hightower’s national trust company, enabling advisory businesses nationwide to access its services for their clients.

“Value-added services such as trust and estate planning are central to our mission of helping advsors deepen existing relationships, attract new business and accelerate organic growth,” Oros said in the email. “We believe in the value of sophisicated advice and access to a suite of services to help our advisors provide their affluent clients with more intimate, holistic and streamlined services, now and for generations to come.”

International Partners advised TC Wealth Partners in the transaction.

As of September 30, Hightower reported about $132.2 billion in assets under administration (AUA) and $104.1 billion in assets under management (AUM).