Hightower Advisors is set to undergo a leadership transition this spring, with Larry Restieri, former CEO of Goldman Sachs’ Ayco unit, stepping in to replace Bob Oros as chief executive. The company announced the change late Tuesday but did not specify an exact date for the transition.
Oros, who has led Hightower since 2019, has played a key role in the firm’s aggressive M&A strategy, overseeing more than 50 acquisitions of registered investment advisory (RIA) firms. Under his leadership, Hightower expanded its assets under advisement from $57 billion to $1.8 trillion. While stepping down as CEO, Oros will remain on the firm’s board of directors, ensuring continuity as Hightower enters its next phase of growth.
The Chicago-based, private equity-backed firm declined to comment beyond its official announcement.
A Period of Transformational Growth
During Oros’ tenure, Hightower solidified its position as one of the industry's leading acquirers, leveraging private equity support to build a national footprint. The firm’s approach has focused on partnering with independent RIAs, providing capital and operational infrastructure to help them scale. This strategy propelled Hightower to the No. 3 spot on Barron’s 2024 Top 100 RIA Firms ranking.
Ganesh Rao, managing director and head of financial technology and services at THL Partners, Hightower’s majority investor, credited Oros with driving the firm’s expansion and strengthening its position as a premier destination for independent advisors.
Rao also welcomed Restieri, highlighting his deep industry expertise: “Larry has an extensive understanding of the wealth management industry and a proven track record of success in building businesses.”
Restieri’s Leadership and Vision
Restieri, who spent 25 years at Goldman Sachs in various leadership roles across wealth and asset management, left the firm earlier this month. His experience at Ayco, Goldman’s RIA unit, positioned him well to lead Hightower as it continues scaling its business and refining its advisor platform.
“I am honored and excited to join Hightower at this pivotal moment,” said Restieri. “Under Bob’s leadership, the firm has built an incredible reputation as a leading partner for independent advisors, providing them with the tools and resources needed to succeed. I look forward to working with the talented Hightower team, our advisors, and the board, including Bob.”
Evolution of Hightower’s Business Model
Founded in 2007 by Elliott Weissbluth, Hightower initially gained traction by helping advisor teams with substantial assets under management break away from national brokerage firms to establish independent practices. Over the years, the firm transitioned from a wirehouse breakaway model to a strategic aggregator, acquiring and integrating independent RIAs.
Oros, a former Fidelity Investments executive, took over as CEO in 2019 and spearheaded this shift, transforming Hightower into a major consolidator in the wealth management space. Under his leadership, the firm emphasized advisor support, providing operational efficiencies, technology, and capital to its partner firms.
The Road Ahead
With Restieri at the helm, industry observers will be watching how Hightower evolves its M&A strategy and whether it continues at its current pace of acquisitions. As private equity remains a dominant force in RIA consolidation, Hightower's ability to balance growth with operational integration will be a key focus in the coming years.
As one of the industry’s largest and most influential RIAs, Hightower’s leadership transition marks a significant moment—not just for the firm, but for the broader wealth management landscape.
