The Boston-area advisory business enters into a strategic partnership with national wealth management firm
LEXINGTON, Mass – August 20, 2019– Lexington Wealth Management(LWM) today announced that it has forged a strategic partnership with HighTower, a national wealth management firm with offices in 33 states. HighTower will remove the operational burdens of managing the business, freeing up LWM to focus on enhancing and developing its financial advisory services and client experience.
Based in Lexington, Mass., LWM was founded in 2000 by Michael Tucci and Kristine Porcaro with a distinct mission to serve clients first; entrepreneurs, executives, professionals, affluent women, high-net-worth individuals and families, and help them to understand the emotional aspects of financial decision-making. The fee-only advisory group has 17 employees, including financial planners, wealth advisors, estate planning specialists and tax advisors, who together support clients as they navigate major life events.
“Partnering with a national firm will allow us to spend more time deepening our client relationships, enhancing our brand, our business focus and our ability to serve more clients now and in the future,” said Michael Tucci, CEO and Co-founder. “We’re excited to be joining a community of nearly 100 advisory businesses across the country, with whom we can collaborate, exchange ideas and knowledge to benefit our clients.”
“HighTower not only supports our culture and individuality, it celebrates it, and we will continue to ‘Connect the Head and Heart of Wealth Management’ well into the future,” said Porcaro, LWM’s President and Co-Founder. “Our prime focus has always been on serving our clients, and we are excited to be adding our great team to another great team.”
Tucci and Porcaro are planning to expand their business not only organically, but through investing in and partnering with other successful advisory practices in the region. LWM will leverage HighTower’s operational infrastructure, entrepreneurial culture and collaborative community to foster expansion. Under the agreement with HighTower, LWM will retain its name and provide its employees with attractive benefits packages. LWM will not cut staff; as the advisory group grows, it will look to add people to support growth.
“LWM is a progressive advisory business with a keen sense of purpose and dedication to its clients,” said Bob Oros, CEO of HighTower. “Its strong, independent spirit and commitment to thinking differently have been keys to its success. We are honored to welcome Michael, Kristine and the LWM team to the HighTower family, and look forward to helping them grow their business to serve more clients in the Boston area and throughout the United States.”
Tucci and Porcaro were attracted to Bob Oros’ leadership, having known him for some time. “Bob’s approach to supporting advisory businesses and their clients inspired us to join HighTower.”
LWM provides affluent clients with personal attention, concierge services and custom-built wealth management solutions. LWM’s investment philosophy balances highly quantitative information with a qualitative, tax-smart asset allocation approach.
HighTower offers independent-minded advisory businesses like LWM a capital-rich partner and customizable suite of services designed to help accelerate business growth. In addition to capital solutions, HighTower provides an advanced, integrated advisor platform – including technology, compliance, accounting, payroll, human resources, investment research/due diligence and marketing services. Advisory groups that partner with HighTower also gain access to a collaborative culture, economies of scale and deep industry relationships. HighTower is backed by Boston-based private equity firm Thomas H. Lee Partners, which is providing funding for the company to make strategic investments and acquisitions in the registered investment advisor (RIA) space, expand the firm’s services to advisors and advance growth.
LWM was advised on the transaction by Raymond James | Silver Lane Advisors. The transaction is expected to close in the third quarter of 2019, subject to regulatory approvals and other customary closing conditions.
About Lexington Wealth Management
Founded in 2000, Lexington Wealth Management (LWM) is a fee-only financial advisory group based in Lexington, Mass. LWM connects the head and the heart of wealth management, providing personal attention, concierge services and custom-built solutions to over 400 individuals, families and small businesses in Boston and across the United States. Visit www.lexingtonwealth.com.
HighTower is a national wealth management firm that provides growth capital and front- to back-end support services to independent-minded financial advisory businesses. Operating as a Registered Investment Advisor, HighTower provides investment, financial and retirement planning services to individuals, foundations and family offices. Corporate services include 401(k) consulting and corporate cash management. Visit www.hightoweradvisors.com.
Securities offered through HighTower Securities, LLC member FINRA/SIPC. HighTower Advisors, LLC is a SEC registered investment advisor.