Hightower today announced it has made a strategic investment in Bickling Financial Services, Inc., a Lexington, Massachusetts-based registered investment advisor (RIA) with approximately $625 million in assets under management and three offices across the state.
Founded in 1984, Bickling Financial Services, Inc. (BFS) is a family-owned business. The firm’s founder, Dorothy Bickling, Ed. D., was one of the first 600 people—and one of the first women—to earn the Certified Financial Planner (CFP) designation. Dorothy’s two sons, Spencer Betts and Andrew Betts, joined the firm in 2000 and 2007, respectively. Since joining the firm, Spencer and Andrew, now co-Managing Principals of BFS, helped BFS transition the practice to an independent RIA and have since led the firm’s evolution to become an institutionalized business.
“As a firm, we have experienced tremendous growth over the past few years,” said Spencer Betts, CFP®, who, along with his brother, Andrew Betts, MBA, CFP, oversees the family-owned business. “To continue achieving our growth goals, we knew we needed a strategic partner that could help us scale the business and invest in its future. After speaking with several options in the marketplace, we concluded that Hightower has the right combination of resources and value-added services that will allow us to both serve clients and take the business to new heights.”
With 14 employees, including five advisors, Bickling Financial Services provides full-service wealth management and financial planning services designed to help clients achieve their long-term personal and financial goals.
“When it came to choosing a partner, we knew we wanted a firm that would add resources and expertise, but also give us the freedom to implement our strategic vision,” Andrew Betts said. “With Hightower, we have a partner who appreciates our vision and can provide the right level of support to help us follow through on our growth plan in an accelerated fashion. We see this as the next evolution of our business.”
Bickling Financial Services has strong ties to communities in New England and throughout the Northeast. Throughout its history, the firm has largely served affluent and high-net-worth client households.
“Spencer and Andy are young leaders who have ushered in tremendous growth over the past several years,” said Hightower Chairman and CEO Bob Oros. “We look forward to helping them achieve their ambitious growth goals, both organically and through talent acquisition, scale their operations, and develop the next-generation of leaders through programs like our Hightower Center for Leadership.”
Hightower offers its 132 advisory businesses in 34 states and the District of Columbia a range of services designed to catalyze and accelerate organic growth, including business development consulting, leadership and team development, talent acquisition, marketing support, technology, investment management resources, compliance, accounting, payroll and human resources. Inorganic growth services include sourcing, valuation, deal structuring, due diligence, legal and regulatory, pre- and post-close integration, and capital resources for M&A transactions. Advisory groups that partner with Hightower also gain access to economies of scale, deep industry relationships and a nationwide advisor community.
As of December 31, 2022, Hightower’s assets under administration were approximately $144.3 billion, and assets under management (AUM) were $113.7 billion, an increase from $106.1 billion as of September 30, 2022.
Source: Company Press Release