Hightower Advisors CEO Bob Oros will step down from his role this spring, with Goldman Sachs AYCO CEO Larry Restieri succeeding him, the Chicago-based RIA acquirer announced Tuesday.
According to Hightower, the change in leadership will be “effective in spring 2025,” and Oros will remain a member of the firm’s Board to help ensure a clean transition. In a statement, Oros said he looked forward to supporting Restieri “as a board member and advisor.”
“Larry is an exceptional leader who brings deep familiarity with the wealth management landscape and a strong commitment to serving advisors and their clients,” Oros said.
Oros joined Hightower as CEO in early 2019, with previous stints at Charles Schwab, LPL Financial, Fidelity and HD Vest Financial Services, among others. Under Oros, Hightower’s assets under advisement grew from $57 billion to $1.8 trillion, with over 50 M&A deals.
That number includes last year’s majority stake in NEPC, an institutional consulting firm and outsourced chief investment officer that brought institutional research and investment resources to Hightower advisors.
Restieri comes to Hightower from AYCO, a Goldman Sachs subsidiary that specializes in workplace financial planning and private advisory services. He had been with Goldman since 2000, according to LinkedIn; Hightower said he’d worked in a “variety of leadership roles” focusing on wealth and asset management.
“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,” Restieri said.
Hightower is owned by private equity firm Thomas H. Lee Partners. Last May, WealthManagement.com reported the PE firm had taken Hightower off the market because it didn’t get the desired price from prospective buyers, according to sources close to the firm and investment bankers.
Last April, Hightower named Gurinder Ahluwalia, the lead director of the firm’s board of directors, to the newly-created position of president.