Investment in Waltham, Mass.-based financial planning firm is second deal announced by Hightower this week, and its seventh announced this year.
Investment in Stearns Financial Group is Hightower’s sixth announced deal this year, and will bring its partner firms to 111.
Magnifi, which lets investors select funds through simple word searches, doubles as a documentation tool for advisors to prove they meet fiduciary and best-interest obligations.
The deal is the second investment this year for the Chicago-based firm at a time when M&A transactions are in decline.
Chicago-based Hightower, in its fifth investment in 15 months, is buying into a planning firm in Atlanta.
Lawsuit against Scott Holsopple and Hightower says he took vital proprietary data when he joined the firm as “chief growth officer,” a recruiting position similar to his role at Focus Financial.
The Chicago-based firm has pivoted from recruiting brokers to growth through RIA acquisition and scaling its smaller advisory practices.
HighTower now manages back-office arrangements for Egan’s Madison, New Jersey, office while he spends more time recruiting clients and works out with a personal trainer.
Chicago-based firm under new boss Bob Oros to make its fourth “strategic investment” this year.
HighTower, which has shifted from buying firms and hiring brokers outright, has made a “significant equity investment” in Lexington Wealth Management in Massachusetts.