Hightower Facilitates Merger for Lexington Wealth Management, Adding Freed Investment Group of Boston

By {{_embedded.author.0.name}} on October 27, 2021

CHICAGO – Oct. 26, 2021 – Hightower today announced that its mergers & acquisitions team has facilitated another strategic merger for Lexington Wealth Management, a Hightower advisory business in Lexington, Mass. Freed Investment Group, a $264 million advisory business based in Boston, will join Lexington’s fast-growing group of wealth management professionals.

This will be the second merger for Lexington this year, following the addition of Marcus Financial Advisors, a $200 million firm based in Beverly, Mass., which joined in January 2021. The addition of Freed Investment Group will bring Lexington’s total client assets to $1.9 billion.

Advisors Kenneth Freed and Dennis Encarnation specialize in comprehensive financial planning, investment management and tax planning services for high-net-worth and ultra-high-net-worth clients.

“When looking for the right partner, we considered several different high caliber firms and chose Lexington because of its strong culture and team, as well as our shared belief that clients need not only financial guidance, but also emotional support to help them navigate important life events and plan for the future,” said Mr. Freed. “Lexington is built first and foremost on client trust, and this fact gave us confidence that it is the right place for our clients and staff – today and in the decades to come.”

“As part of Hightower, Lexington offers us institutional-class operational capabilities as well as value-added services such as trust services and estate planning, which will allow us to provide a wider array of differentiated services to our clients and their families,” said Mr. Encarnation.

Hightower’s M&A team provides Hightower advisors with a range of inorganic growth services from sourcing to deal structure, complementing the organic growth strategies also available, such as marketing and business development services. 

“Hightower played a key role in facilitating and structuring this deal to help us meet our long-established goal to grow inorganically, while maintaining our commitment to organic growth,” said Lexington CEO Michael Tucci. President Kristine Porcaro added: “Kenneth and Dennis bring deep wealth management and tax experience and their client-centric approach is well aligned with our culture and ethos as a firm. We couldn’t be more thrilled to be welcoming them to the Lexington team.”

Hightower offers its 119 advisory businesses in 34 states and the District of Columbia a range of services designed to catalyze and accelerate organic and inorganic growth, including business development consulting, leadership and team development, marketing support, technology, investment management resources, compliance, accounting, payroll and human resources. Advisory groups that partner with Hightower also gain access to economies of scale, deep industry relationships and a nationwide advisor community.

“It’s exciting to see Lexington’s growth aspirations come to fruition with two strategic mergers this year,” said Bob Oros, Hightower chairman and CEO. “Hightower is thrilled to have played a role in helping to bring Kenneth and Dennis aboard, and I look forward to seeing what’s next for Lexington.”

As of September 30, 2021, Hightower’s assets under administration (AUA) were approximately $132.2 billion, and its assets under management (AUM) were $104.1 billion.

The transaction is expected to close in the fourth quarter of 2021.

About Hightower

Hightower is a wealth management firm that provides investment, financial and retirement planning services to individuals, foundations and family offices, as well as 401(k) consulting and cash management services to corporations. Hightower’s capital solutions, operational support services, size and scale empower its vibrant community of independent-minded wealth advisors to grow their businesses and help their clients achieve their vision of “well-th. rebalanced.” Based in Chicago with advisors across the U.S., the firm operates as a registered investment advisor (RIA). Learn more about Hightower’s collaborative business model at www.hightoweradvisors.com.

Securities offered through Hightower Securities, LLC member FINRA/SIPC. Hightower Advisors, LLC is a SEC registered investment advisor.