Hightower Advisors, the Chicago-based consolidator of registered investment advisers, has made a strategic investment in Wellspring Associates, an Atlanta- and Dallas-based fee-for-service consulting firm specializing in estate, tax, philanthropic and legacy planning for ultra high-net-worth families and individuals.
Terms of the investment were not disclosed.
Wellspring, which currently serves families with an average of $50 million or more in assets each, said the association with Hightower will enable it to expand its offering to families with assets of $5 million and up. In a release, the firm said it also will act as a resource for Hightower advisory businesses seeking to provide planning and wealth transfer solutions.
Founded in 1981, Wellspring has 15 employees.
At the end of 2019, Hightower had $76.8billion in assets under administration and $57.4 billion in assets under management.