HighTower Secures $100 Million In Bank Financing To Fuel Advisors' Road To Independence
CHICAGO, July 14, 2014 /PRNewswire/ -- HighTower has entered into a traditional bank debt facility with BMO Harris Bank and PNC Bank to fund continuing growth across its Partnership, Network and Alliance channels. The new facility provides access to up to $100 million in commercial bank loan financing.
"HighTower's profitability has grown quickly and consistently over the past few years," said Larry Koehler, HighTower CFO. "Securing significant bank financing reflects the strength of our business today and reinforces our vision of continued growth for tomorrow."
HighTower has added four new advisor teams in 2014: RJ Wealth Management (New York), Gryphon Financial Partners (Columbus, Ohio), the Ezzell Group (Sacramento, Calif.), and a team of three top advisors who joined Kelly Wealth Management (Hunt Valley, Md.). The firm also launched the HighTower Alliance, a new entry point to its industry-leading resources and infrastructure, with Memphis-based Gavion Partners as its first member. Based on a robust pipeline of interested teams and opportunities in all three channels, the firm anticipates continued momentum through the second half of this year.
"The HighTower services and technology platform gives successful, fiduciary-minded financial advisors an accelerated road to independence," said Michael Parker, National Director, Enterprise Development, HighTower. "As their businesses thrive and grow, we deliver the resources and support to help them meet client needs in today's complex and evolving financial services environment."
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HighTower is an industry-leading financial services firm offering a unique platform that blends objective wealth management advice with innovative technology. Our dedication to transparency in wealth management for investors and comprehensive support for independent advisors sets us apart. See www.hightoweradvisors.com.