$2.5 billion Stearns Financial Group has been folded into Hightower Signature Wealth, lifting the division to about $40 billion in assets and more than 160 advisors less than a year after launch.
Stearns' 30-person team joined after partners unanimously backed the move, saying the unit met 12 client-focused criteria and offered broader operational and investment support.
As part of the shift, Stearns partners sold equity in the firm and will move onto Hightower One, a centralized wealth platform Hightower is rolling out this summer.
The addition extends CEO Larry Restieri's plan to build Signature Wealth with both affiliates and acquisitions; the division added three firms with $5 billion in July after buying Journey Strategic Wealth in March.
Even with Signature Wealth's rapid buildup, most of Hightower's business remains in its affiliate network, which oversees more than $350 billion in total client assets.