Hightower has announced the completion of a strategic investment in a New York wealth management and financial planning firm managing $3.3 billion in assets.
Capital Management Group has offices in New York City and Pearl River, New York, and was founded in 1992 by managing partner Thomas M. Mingone. The team has grown to 38 people, including six partners who are co-owners and six other advisors.
The firm, which was previously affiliated with an independent broker-dealer, is now part of Hightower, a Chicago-based RIA aggregator. Mingone says the decision to join Hightower was driven by a commitment for growth and serving clients’ evolving needs.
"Gaining access to Hightower's rich and robust suite of services and tools, combined with the deep knowledge and partnership within the community, will spearhead the next evolution of our business. We are confident we have found the right home for our practice,” he said.
The deal is the first to be announced by Hightower so far in 2024 following the 12 that were announced in 2023. It’s also the fifth time that Hightower has made a strategic investment in a firm affiliated with an independent broker-dealer and on-boarded it to its network.
Its nationwide footprint includes 138 advisory businesses in 35 states and the District of Columbia with a combined AUM of around $131 billion at the end of September 2023.
Hightower Chairman and CEO Bob Oros said CMG was a good fit for both firms.
"They are in a pivotal growth phase and Hightower can provide new opportunities for their business by providing additional capabilities aimed to enhance both the advisor and client experiences,” he said.
Looking to refine your strategy for investing in stocks in the US market? Discover expert insights, key trends, and risk management techniques to maximize your returns
Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.
The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.
The fintech firms' new tools and integrations address pain points in overseeing investment lineups, account monitoring, and more.
Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
