Hightower, a wealth management firm based in Chicago, has made a strategic investment in GMS Surgent, a tax and advisory firm in Devon, Pennsylvania, that provides high-net-worth and business clients with tax advice and advisory services, including accounting, tax preparation and other tax and wealth planning capabilities.
The amount of the transaction was not disclosed, but it marks the latest example of an investment firm buying a stake in an accounting firm. Through the strategic partnership, Hightower advisors will gain direct access to tax management services for their clients and their families.
"We are thrilled to welcome GMS Surgent into the Hightower community, enabling us to provide advisors with a vetted resource to deliver comprehensive tax services to clients via a seamless experience," said Hightower chairman and CEO Bob Oros in a statement Monday. "At Hightower, we actively foster a collaborative environment where holistic wealth is our foremost mission, and this alliance empowers advisors to focus on their core services and strengthen relationships with clients."
Hightower's assets under administration were approximately $148.2 billion and assets under management were $119.9 billion, as of March 31, 2023.
GMS Surgent dates back to 1992 and is run by managing partners Brian Gallagher, Jack Surgent and Lauren Adamski. The firm has a team of approximately 30 employees.
"As we work closely with Hightower, we are excited to have the opportunity to enhance the client experience with our knowledge of tax planning and business consulting," said Gallagher in a statement.
As a wholly owned tax subsidiary, the GMS Surgent team will add to the set of tools Hightower already offers, which include trust services, estate planning, insurance placement, business owner services and more. The GMS Surgent brand includes GMS Surgent LLC and GMS Surgent Advisors LLC, which provide professional services in an alternative practice structure. As a licensed CPA firm, GMS Surgent LLC offers attest services, while GMS Surgent Advisors LLC provides tax and business consulting services.
"We were impressed with Hightower's unwavering focus on the client experience, and we feel we can contribute to the broad range of service Hightower can offer its clients," said Surgent.
The transaction closed June 30. Berkshire Global Advisors served as GMS Surgent's financial advisor.
"GMS Surgent prides itself on helping clients maximize what they have after addressing the tax man," stated Berkshire Global Advisors partner R. Bruce Cameron. "We applaud Hightower's vision to bring this sort of sophisticated advice to their high-end clients. Tax advice is critical for wealthy families to ensure that they get the full benefit of their business and investment efforts. GMS Surgent has been a leader in this field nationally and we believe this partnership will help Hightower advisors attract and retain premier wealth clients."
