The latest deals and transactions in and around North American wealth management.

Chicago-based Hightower has made an investment this week in Vigilant Wealth Management, a wealth management business with offices in Portland, Maine and Portsmouth, New Hampshire. It manages around $2.3 billion in client assets across 500 households.

Founded in 2002, Vigilant has 31 employees, including 11 wealth advisors. It is led by its three co-founding principals: Jeffrey F Carlisle, JD, Daniel M Mulkern, MBA, and Scott D Sorensen, CFA®, ChFC®. The company specializes in providing investment and wealth planning solutions to high net worth individuals and families, executives, entrepreneurs and business owners.

"We chose to align with Hightower because of their partnership approach – providing scaling and strategic planning resources to our firm, while leaving us with the entrepreneurial freedom to control the identity, culture and strategic direction of Vigilant," said Carlisle. 

"We also share a focus in developing next-generation talent; the practical examples they shared from the Hightower Center for Leadership, ongoing working groups, and more made it clear that it's something they have put significant resources behind," he added.

Hightower, which is a wealth management firm that provides investment, financial and retirement planning services to individuals, foundations and family offices, as well as consulting and cash management services to corporations, operates as a registered investment advisor.

Vigilant will gain access to a variety of value-added resources at Hightower, including middle- and back-office support, business development consulting, marketing expertise, and a nationwide advisor community, which will enable the firm to continue its organic growth pace, the firm said in a statement.

"Vigilant Wealth Management encompasses everything Hightower looks for in a partner: a holistic wealth management offering, stellar organic growth approach, and impressive leadership team committed to the long-term wellbeing of its clients and people," Hightower chairman and CEO Bob Oros said. "We look forward to helping them scale their operations and further develop the next generation of leaders," he added.

Hightower said it offers its 132 advisory businesses in 34 states and the District of Columbia a range of services designed to catalyze and accelerate organic growth, including business development consulting, leadership and team development, talent acquisition, marketing support, technology, investment management resources, compliance, accounting, payroll and human resources. 

Inorganic growth services include sourcing, valuation, deal structuring, due diligence, legal and regulatory, pre- and post-close integration, and capital resources for M&A transactions. Advisory groups that partner with Hightower also gain access to economies of scale, deep industry relationships and a nationwide advisor community.

Based in Chicago with advisors across the US, Hightower has assets under administration of $148.2 billion, and assets under management of $119.9 billion. In the transaction, Vigilant Wealth Management was advised by Cambridge International Partners. The move follows a series of transactions made by Hightower. See here.