Fairport Wealth’s addition of FMA Advisory, with $500 million in AUM, will bring Fairport’s assets to $3.9 billion
CHICAGO – October 7, 2021 –Hightower today announced that it has facilitated a merger for Fairport Wealth, a Hightower advisory business in Cleveland, Ohio. FMA Advisory, Inc., a wealth management firm in Harrisburg, Pa., with $500 million in assets under management, will join Fairport Wealth’s growing business of wealth management professionals and bring the firm’s total AUM to $3.9 billion.
Founded in 1981, FMA Advisory is run by Founder and President Peter J. LaBella and Managing Partner John J. Klobusicky. They serve business owners, executives, retirees, professional athletes, rising professionals, corporate retirement plans, nonprofits and charitable organizations.
Hightower’s Fairport Wealth, led by Managing Partners Heather Ettinger and Kenneth Coleman, serves executives, business owners and other affluent individuals to help them reach their life goals, with specific offerings for women and those in transition. Fairport Wealth has offices in Cleveland and in Buffalo Grove, Illinois. With the addition of FMA Advisory, Fairport Wealth will have 48 employees, including 25 advisors, serving nearly 1500 families.
“Fairport Wealth’s mission of helping families live with purpose, achieve their dreams and create a legacy for future generations speaks directly to the values by which we operate our practice,” said FMA Advisory’s Mr. LaBella. “As we looked to our next stage of growth, we recognized that teaming up with Fairport Wealth and Hightower would provide us with the human and operational resources we need to provide distinctive, attentive service now and in the decades to come.”
“FMA Advisory is a highly respected wealth management business with a strong culture of financial wellness, which is very much in line with Fairport and Hightower’s values,” said Fairport’s Coleman. “We are excited to support FMA’s growth ambitions and their focus on expanding our collective footprint throughout the Midwest and across the U.S.”
In addition to facilitating investments in stand-alone wealth management businesses, Hightower’s M&A team has professionals dedicated to helping Hightower advisory businesses execute sub-acquisitions. Supporting services include sourcing, valuation, deal structuring, due diligence, legal and regulatory, pre- and post-close integration, and capital resources for sub-acquisition transactions.
“Inorganic growth is a great way for Hightower advisory businesses to build out their offerings, add bench strength and talent to their leadership teams. We are delighted to have helped Fairport Wealth think strategically about adding a team that is closely aligned with theirs, in purpose and in culture,” said Bob Oros, chairman & CEO of Hightower. “It was a pleasure seeing this transaction through from start to finish.”
The FMA Advisory transaction marks Fairport Wealth’s second merger. In 2019, Fairport Wealth expanded its geographic presence through the addition of Leonetti & Associates, an existing Hightower advisory business located in Buffalo Grove, Illinois.
In addition to inorganic growth services, Hightower offers its 118 advisory businesses in 34 states and the District of Columbia a range of capabilities designed to catalyze and accelerate organic and inorganic growth, including business development consulting, leadership and team development, marketing support, technology, investment management resources, compliance, accounting, payroll and human resources. Advisory groups that partner with Hightower also gain access to economies of scale, deep industry relationships and a collaborative nationwide advisor community.
As of June 30, 2021, Hightower’s assets under administration (AUA) were approximately $125.2 billion and its assets under management (AUM) were $101 billion.
Hightower is a wealth management firm that provides investment, financial and retirement planning services to individuals, foundations and family offices, as well as 401(k) consulting and cash management services to corporations. Hightower’s capital solutions, operational support services, size and scale empower its vibrant community of independent-minded wealth advisors to grow their businesses and help their clients achieve their vision of “well-th. rebalanced.” Based in Chicago with advisors across the U.S., the firm operates as a registered investment advisor (RIA). Learn more about Hightower’s collaborative business model at HTTPS://WWW.HIGHTOWERADVISORS.COM.
Securities offered through Hightower Securities, LLC member FINRA/SIPC. Hightower Advisors, LLC is a SEC registered investment advisor.