Hightower Advisors has seen substantial growth from $57 billion AUA to more than $1.8 trillion in recent years, guided by CEO Bob Oros. But after five years, he will be stepping down in a planned succession.
The leader’s tenure included overseeing 50 M&A transactions including the addition of investment consultant and outsourced CIO firm NEPC which was responsible for the lion’s share of the jump in assets under advisement.
“Bob has been an outstanding leader, guiding Hightower through a period of transformational growth, and we thank him for all of his contributions,” said Ganesh Rao, managing director and head of financial technology and services at THL Partners, the firm’s majority investor.
Prior to taking the top job at Hightower Advisors in 2019, Bob Oros was a financial industry veteran, having climbed the executive ranks at Schwab, LPL Financial and Fidelity. He will remain as a board member at Hightower Advisors to ensure a smooth transition of leadership which will take effect in the spring of 2025.
Taking up the baton as the new CEO is a leader with a quarter of a century at Goldman Sachs to draw on, with various leadership roles in wealth and asset management.
Larry Restieri was most recently head of Goldman’s workplace financial planning and private wealth advisory business AYCO, leading the team for more than seven years. David Fox, previously AYCO’s head of private wealth, has succeeded him.
“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.”
Before joining Goldman Sachs as a partner in 2000, Restieri held associate roles at Finn Dixon & Herling and prior to that Simpson Thacher & Bartlett.
“Larry is an exceptional leader who brings deep familiarity with the wealth management landscape and a strong commitment to serving advisors and their clients,” said Oros. “I am incredibly proud of the progress we’ve made at Hightower over the past six years, and I have full confidence that under Larry’s leadership, the firm will continue to thrive. I look forward to supporting him and the Hightower team as a board member and advisor.”
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