Hightower Advisors could pursue an initial public offering in the next three to five years, Chief Executive Larry Restieri said in an interview this week.
Restieri stressed that he was not committing to going public but that his firm, which has 650 advisors and $354 billion in client assets, should operate as if a public listing would be possible during that time.
“I’m not saying we’re going to be the firm that’ll go public, but I am saying that it at least has to be on the table three to five years from now,” Restieri said. “It may never happen. That’s fine too. But we should at least be operating like we could.”
The comments come as private equity firm Thomas H. Lee Partners, which has majority owned Hightower since 2018, has been evaluating next steps. Restieri said that Hightower is not in a “formal” capital-raising process but acknowledged that it is “always in the market for the next buyer or next investors.”
As it positions for a potential change in ownership, Hightower continues to expand Signature Wealth, an employee model through which it acquires existing partner practices and outside firms.
After seeding the division with $5 billion-asset Frontier Wealth Management in October, Signature Wealth has completed 13 acquisitions, including 11 of its existing affiliates, in 2026 that have brought the unit to roughly $40 billion in assets.
Restieri said he expects the new division will reach $50 billion by the end of this year and $100 billion within two years. Signature Wealth could eventually comprise half of Hightower’s revenue, he said.
The CEO envisions that ultimately 80% of advisors will affiliate under a centralized model, including Signature Wealth or with a “flagship franchise” such as The Bahnsen Group, which was fully acquired in April.
“We don’t need multiple ways to do the same thing,” Restieri said. “There’s a lot of shared knowledge between our practices that can share some resources, and that just allows us to deliver more for our clients.”
Hightower was founded in 2008 by former CEO Elliot Weissbluth as a hybrid RIA and broker-dealer platform that recruited wirehouse brokers by offering equity stakes, cash and institutional infrastructure.
After several years preparing for an expected IPO that never took place, private equity firm Thomas H. Lee Partners stepped in with $100 million and shifted the firm toward an M&A strategy. In late 2020, THL recapitalized its investment by bringing in Goldman Sachs Asset Management, Neuberger Berman and Coller Capital as minority investors.
Restieri, a former head of Goldman Sachs’ Ayco retirement unit, succeeded Bob Oros in June last year.
Facts Only
* Hightower Advisors could pursue an initial public offering in three to five years.
* CEO Larry Restieri stated the firm should operate as if a public listing were possible within that timeframe.
* Hightower has 650 advisors and $354 billion in client assets.
* Thomas H. Lee Partners has majority owned Hightower since 2018.
* Hightower is expanding Signature Wealth, an employee model for acquiring practices.
* Signature Wealth acquired 13 entities in 2026, including 11 affiliates, bringing the unit to roughly $40 billion in assets.
* Restieri expects the new division to reach $50 billion by year-end and $100 billion within two years.
* Restieri envisions 80% of advisors affiliating under a centralized model like Signature Wealth or The Bahnsen Group.
* Hightower was founded in 2008 as a hybrid RIA and broker-dealer platform.
* Thomas H. Lee Partners injected $100 million into the firm and shifted it toward an M&A strategy.
Executive Summary
Hightower Advisors estimates that an initial public offering could occur within three to five years, as stated by CEO Larry Restieri. He indicated that while not committing to a specific timeline, the firm should operate as if a public listing were possible during that window. This expectation is situated as private equity firm Thomas H. Lee Partners evaluates next steps for Hightower, which has majority ownership since 2018.
The firm is currently engaged in an M&A strategy and expansion through Signature Wealth, an employee model used to acquire partner practices and outside firms. In 2026, Signature Wealth acquisitions have brought the unit to approximately $40 billion in assets following the seeding of Frontier Wealth Management with $5 billion in October. Restieri projects the new division will reach $50 billion by the end of the current year and $100 billion within two years, with the goal for Signature Wealth to eventually account for half of Hightower's revenue. The long-term vision involves centralizing advisor operations under a model like Signature Wealth or a flagship franchise, aiming to leverage shared knowledge across practices.
Full Take
The narrative presents a juxtaposition between long-term, aspirational goals (IPO) and immediate operational reality (M&A expansion). The core tension lies in Restieri's directive to operate *as if* an IPO is imminent without making a formal commitment, which manages expectations while leveraging perceived potential. The shift from preparation for an unrealized IPO to an aggressive M&A strategy under private equity suggests a focus on maximizing asset value through structural reorganization rather than pure market timing.
The expansion of Signature Wealth toward $100 billion and the vision for centralized advisory models reflect a pattern where institutional ownership seeks standardization and efficiency in complex service delivery. The insistence on shared knowledge across practices implies an underlying assumption that fragmentation is inefficient, pushing for control through consolidation. The implied structure suggests that the path to the envisioned large-scale outcome (80% centralization) relies on successfully executing the internal restructuring defined by the PE firm's strategy.
What assumptions are being made about the market velocity required to trigger such a move? Does emphasizing operational expansion serve as a distraction from deeper capital constraints or regulatory hurdles inherent in the financial services sector? What mechanisms will actualize the promise of shared knowledge, and who bears the cost—the advisors, the practices, or the public market itself?
Sentinel — Human
This analysis appears to be derived from direct reporting or high-quality aggregation of specific business commentary, exhibiting characteristics consistent with professional journalistic writing rather than generic AI synthesis.