Hightower's Larry Restieri - building a $1T RIA and operating at the intersection of private markets and private wealth

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode dives deep into the world of wealth management with someone whose career is emblematic of the intersection of private markets and private wealth.

We sat down with Larry Restieri, the CEO of Hightower.

Larry is the CEO and a member of the Board of Directors at Hightower, a national wealth management firm that empowers financial advisors to deliver sophisticated investment and financial services to clients.

Larry joined the firm in June 2025 from Goldman Sachs, where he was a Partner. Larry served as the CEO of Goldman’s AYCO business, which specializes in workplace financial planning and private wealth advisory services.

He held a variety of leadership roles at Goldman across its wealth and asset management divisions, including heading up the Alternative Capital Markets business.

Larry and I had a fascinating conversation about the continuing convergence of private markets and private wealth from someone who was at the forefront of this industry transformation. We covered:

The evolution of private markets within the wealth channel.Lessons learned from Larry’s time building Goldman’s Alternative Capital Markets business and the AYCO business.The path to building Hightower into a $1T RIA. The build-out of Hightower’s Signature Wealth brand.What does the continued buildout of private equity-backed platforms mean for the evolution of wealth management?What drives financial advisors?The benefits of the independent RIA model.How and why wealth clients should be thinking about private markets.

Thanks, Larry, for sharing your wisdom, expertise, and passion at the intersection of private markets and private wealth.

Show Notes

00:15 Meet Larry Restieri

01:22 Sponsor Message from Ultimus Fund Solutions

05:37 Larry Career Journey

11:21 Why Hightower

12:02 Next Wealth Evolution

14:37 Democratizing Alternatives

17:08 Education And Expectations

18:14 GPs And Distribution

19:49 Big Versus Niche Managers

22:09 Platform Due Diligence

23:20 NEPC And Hightower One

26:18 Trillion Dollar RIAs

27:42 What Advisors Want

28:57 Building Hightower One

29:27 Signature Wealth Brand

30:41 Acquiring The Bahnsen Group

31:57 Why Brand Matters

32:22 The Volkswagen Brand Analogy

34:15 Culture and Community

36:34 Hightower 3.0 Strategy

37:59 Open Architecture Explained

41:04 Private Equity Exits

43:06 Multiples and Deal Discipline

44:49 Markets and Cash Flow

46:20 Private Markets Adoption

49:10 GPs Serving RIAs

52:33 Closing Reflections

A Word from Our Sponsor, Ultimus

This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.

That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.

Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.

Editing and post-production work for this episode was provided by The Podcast Consultant.