Hightower has taken a strategic stake in Lindbrook Capital, a bicoastal RIA with approximately $3.8 billion in assets under management, marking the wealth firm’s first M&A deal this year.
The RIA behemoth's first entry for its 2025 deal calendar, announced late Tuesday afternoon, gives it additional locations in key markets on both the East and West Coasts.
According to the Tuesday announcement, Lindbrook Capital operates offices in Los Angeles, Calabasas, and New York City. The 10-person practice delivers investment and financial planning services to high-net-worth families, individuals, foundations, and endowments.
The firm is led by managing partners Benjamin Posen and Tyler Dritz, alongside partner Lee Samson.
“Under the seasoned management of Ben and Tyler, the team has built an impressive business with an attractive client base that includes some of today’s top business and entertainment executives,” said Bob Oros, chairman and chief executive at Hightower.
Oros is set to step down from the CEO role in the coming months as part of a planned succession announced in February. He will be succeeded by Larry Restieri, the former Goldman Sachs leader who most recently served as chief executive at AYCO.
Hightower described its partnership with Lindbrook as a continuation of its strategy to support independent-minded RIAs that are looking to scale while preserving their identity. The firm’s infrastructure includes a national in-house trust company and a wholly owned CPA business, which it offers as part of its value-added support to advisory teams.
Posen emphasized the importance of maintaining Lindbrook’s investment philosophy and internal culture, stating, “We aren’t interested in being a serial acquirer and we had to preserve the culture and investment autonomy that our clients expect from Lindbrook.”
With the addition of Lindbrook, which was among the fastest-growing fee-only RIAs on InvestmentNews' inaugural listing in 2023, Hightower’s national footprint has grown to include more than 140 advisory businesses across 35 states and the District of Columbia.
As of December 31, 2024, Hightower and its affiliates reported assets under management of approximately $168 billion. The firm’s investment in Lindbrook comes amid ongoing industry consolidation, as well-capitalized aggregators seek to partner with firms that demonstrate consistent growth and long-term succession plans.
Hightower has made a series of RIA investments in recent years – including strategic partnerships with NEPC, Financial Planning and Information Services, and Dechtman Wealth Management in the fourth quarter last year – as part of its advisor-focused growth model, which combines capital, business infrastructure, and centralized services to support practices at various stages of development.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
