Hightower bets big on franchise model and tech, but advisors remain wary of private markets

Since Larry Restieri’s appointment as CEO in June 2025, Hightower has embarked on a strategic transformation aimed at scaling the firm into a trillion-dollar RIA through a multi-brand approach dubbed the 'Volkswagen model.' This vision moves beyond the traditional acquisition spree toward a franchise model that fully acquires top-performing partner firms like The Bahnsen Group, creating flagship affiliates that serve as growth engines. By early 2026, this integrated strategy balances maintaining a network of independent RIAs with expanding scalable, resource-rich brands that offer advisors enhanced growth potential and succession options, reflecting Restieri’s nuanced leadership in private markets and wealth management.

Central to Hightower’s integrated growth is the rapid development of its Signature Wealth RIA channel, which under Restieri’s stewardship has amassed over $29 billion in client assets. This channel leverages the unified technology platform Hightower One, exemplifying how technology integration underpins the firm’s scalable franchise ambitions. The Signature Wealth channel not only accelerates asset growth but also embodies the firm’s commitment to providing advisors with sophisticated tools and cohesive infrastructure, reinforcing the broader strategic shift from fragmented acquisitions to a harmonized, scalable enterprise.

By early 2026, Hightower Advisors had developed Hightower One, a unified middle-office technology platform designed to streamline operations and enhance advisor efficiency across its rapidly growing Signature Wealth RIA channel, which manages over $29 billion in client assets. This platform addresses a critical industry pain point: the fragmented technology stacks that traditionally operate in isolation, causing execution breakdowns and slowing growth. Rather than replacing specialized tools, Hightower One acts as a connective layer, integrating prospecting, planning, portfolio construction, communication, and compliance functions to enable seamless data sharing and automated action triggers, thereby reducing manual handoffs and operational friction.

Under the leadership of CEO Larry Restieri, formerly of Goldman Sachs Ayco, Hightower One is central to the firm's '3.0' strategy, which aims for scalable, technology-enabled growth without sacrificing personalized client engagement. Scheduled for full launch by the end of 2026, the platform streamlines onboarding and investment management processes, freeing advisors to deepen client relationships rather than being bogged down by administrative tasks. Restieri highlights that while fintech tools enhance operational efficiency, their true potential lies in augmenting relationship intelligence and proactive client engagement—an underutilized opportunity that Hightower One is poised to capitalize on.

By mid-2026, the adoption of private markets within wealth management remains a gradual and uneven evolution rather than a swift revolution, with firms like Hightower witnessing a persistent divide among advisors. Larry Restieri candidly acknowledges that despite his efforts to champion private markets, skepticism endures among some advisors who remain wary of risks such as liquidity and opacity, underscoring the critical need for enhanced education to build familiarity and confidence.

General partners (GPs) are increasingly recognizing the fragmented nature of the RIA channel compared to traditional wirehouses, prompting them to invest sustained, boots-on-the-ground efforts to cultivate relationships and tailor product distribution. Restieri highlights that this hands-on approach is essential for meaningful engagement, as inflows into private markets will not materialize in sudden surges but through persistent collaboration and trust-building.

The institutionalization and scaling of independent wealth platforms like Hightower One are poised to transform GP interactions with wealth managers by fostering enterprise-level relationships that could accelerate private market adoption. Restieri envisions that as these platforms mature, they will shift the dynamic from fragmented outreach to cohesive partnerships, enabling GPs to engage more strategically and efficiently with advisors and their teams.

Since acquiring NEPC in 2022, Hightower has institutionalized its wealth management operations by integrating NEPC’s nearly $2 trillion institutional consulting expertise, enabling a more rigorous, CIO-like function that underpins advisor offerings. This institutional backbone allows Hightower to maintain a personalized and customizable experience, balancing the scale and discipline of institutional wealth management with the flexibility advisors need to tailor solutions for their clients.

Hightower’s curated product catalog exemplifies its commitment to balancing scale with customization, offering both mainstream large-scale private market products and niche, bespoke strategies. As Larry Restieri emphasizes, this open architecture platform supports advisors in delivering diverse private market solutions that reflect unique client allocations, moving beyond one-size-fits-all approaches and fostering deeper enterprise-level partnerships, such as with GPS, to enhance integration and collaboration.