Hightower is merging a $1.1 billion financial advisor team in Naples, Fla., that operates under the Hightower brand into The Bahnsen Group, also known as TBG, a large wealth manager that Hightower acquired earlier this year. Hightower has made TBG the first so-called franchise on its platform, meaning that it intends for it to grow through additional in-house acquisitions. Bahnsen plans to absorb the Florida-based Hightower Naples team by the end of the year, at which point it will operate under the TBG brand, according to Hightower.

With the acquisition of TBG, Hightower brought on board a long-time partner practice led by David Bahnsen, whom Hightower had helped establish an independent shop in 2015 when he left Morgan Stanley. Hightower has designated TBG a franchise practice on its platform and plans to merge in more teams as it continues to consolidate the disparate advisor teams it has acquired.

Separately, Hightower has also been building out Hightower Signature Wealth, a more centralized model that operates under its own branding with advisors working as W-2 employees.

"The Bahnsen Group is Hightower's first flagship franchise, and this marks the first transaction we have facilitated through that model," a Hightower spokeswoman says. "We are in ongoing discussions with both internal and external practices about opportunities across the Hightower platform, whether through Hightower Signature Wealth, The Bahnsen Group, or a direct partnership."

Hightower describes Bahnsen as one of its most successful practices, with $10.5 billion in client assets as of the end of August. The team includes more than 100 advisors and support staffers in 13 locations, including its flagship offices in Newport Beach, Calif., and New York City.

"We have been deliberate about expanding into markets where we see significant long-term opportunity and where we can partner with teams that share our commitment to clients," says David Bahnsen, founder and managing partner of TBG. "Naples is a natural extension of our national footprint."

Hightower Naples is led by founders David Emma and Mark Masterson, who are both partners and managing directors. The practice, which includes five advisors and four support staffers, serves high-net-worth families, business owners and executives, and professional athletes, according to Hightower.

Emma and Masterson both started in the industry with Merrill Lynch before breaking away with Hightower in 2011, according to registration records. Emma got his start with Merrill in 2002; Masterson registered with the firm in 1996.

They say that teaming up with TBG will provide its advisors with a greater menu of investment options and extend their reach outside of their home market of Florida.

"Joining TBG allows us to build on what has made Hightower Naples successful while adding greater depth and scale," Emma says. "Our clients will continue to work with the same team they know and trust, supported by the broader capabilities of a growing national practice that shares our client-first approach."