HighTower will provide the $1 billion San Francisco-based investment counsel with business growth consulting, operational support and capital
HighTower today announced a strategic investment in Schultz Collins, a $1 billion advisory group with offices in San Francisco, Washington, D.C. and Towson, Md., serving individuals and families, institutional investors and retirement plan sponsors. HighTower’s business consulting, capital, and middle- and back-office support will enable Schultz Collins to expand its wealth management services for new and existing clients.
Schultz Collins was founded in 1995 by Dale W. Schultz, Patrick J. Collins and Kristor J. Lawson. Seven of its eleven employees are advisors. Because the business’s strong commitment to the fiduciary standard encompasses both conduct and competence, every advisor at Schultz Collins holds an advanced certification or academic degree at the CFP-, CFA- or Masters-level. Client portfolios are customized to client purposes, circumstances, and their return and risk preferences.
“Schultz Collins’ dedicated approach to working hand in hand with clients and its commitment to delivering objective advice are key factors in their success,” said Bob Oros, CEO of HighTower. “We are honored to welcome Schultz Collins to HighTower and look forward to helping them scale their business in Silicon Valley, the West Coast and across the U.S.”
Schultz Collins is HighTower’s 25th external RIA transaction since inception and its fourth in 2019. Including the Schultz Collins transaction, HighTower now has 107 advisory businesses in 34 states.
In 2018 and 2019, HighTower adopted an acquisition-based model, transacting with successful advisory businesses such as Lexington Wealth Management, LourdMurray and Green Square Wealth Management, and prior to that, WealthTrust and Salient Private Client (now HighTower Texas), including Salient Private Client’s trust group.
As of Sept. 30, 2019, HighTower’s assets under administration (AUA) were approximately $71.3 billion and its assets under management (AUM) were $59.5 billion.
HighTower offers independent-minded advisory businesses a capital-rich partner and customizable suite of services designed to help accelerate growth. In addition to capital, HighTower provides an advanced, integrated advisor platform – including technology, compliance, accounting, payroll, human resources, investment research/due diligence and marketing services. Advisory groups that partner with HighTower also gain access to business development consulting, economies of scale, deep industry relationships and a supportive advisor community.
“We are pleased to be joining HighTower, and look forward to utilizing its business consulting, operational support, capital and other services for the benefit of our clients,” said Kristor J. Lawson, managing principal of Schultz Collins. “HighTower’s support will enable us to strengthen existing relationships and expand services while remaining steadfast in our commitment to clients.”
DeVoe & Company, a strategic advisor to RIAs, introduced the companies and supported HighTower through the process. Jim Grand of the Securities Law Group advised Schultz Collins throughout the transaction process. The transaction is expected to close in the fourth quarter, 2019, subject to regulatory approvals and other customary closing conditions.
