The Bahnsen Group Acquires Hightower Naples Practice
The Bahnsen Group, a Hightower Company, has acquired its first Hightower advisory practice under the firm’s flagship franchise model.
Hightower Naples, a Naples, Fla.-based wealth management practice with about $1.1 billion in assets under management, will establish The Bahnsen Group’s second Florida location.
The Bahnsen Group was acquired by Hightower in April and became another hub within Hightower for integrating advisory firms.
Hightower CEO Larry Restieri said he expects his firm to create additional hubs in the future, while continuing to build out the Hightower Signature Wealth RIA channel that he and his team have grown to more than $35 billion in client assets.
Founder and Managing Partner David Bahnsen created the firm as a lift-out from Morgan Stanley in April 2015, with eight other team members and $600 million in assets. The firm received transitional support from Hightower and opened a satellite office in New York City in 2017. Since then, the firm has grown to $10.5 billion, with 13 locations and 100 employees across key markets in the U.S., including New York, Nashville, Tenn., and Palm Beach, Fla.
Hightower Naples was founded by managing directors and partners David Emma and Mark Masterson, who left Merrill Lynch in 2011 to go independent with Hightower. Now, the practice serves more than 100 clients, including high-net-worth families, business owners, senior executives and professional athletes.
“This combination creates new opportunities for our clients and our team,” Masterson said in a statement. “TBG’s investment capabilities, national reach and commitment to growth make it the right partner for our next chapter.”
The deal with Hightower Naples is expected to close at year’s end, and TBG expects to announce more additions in the coming months.
