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 “Volkswagen model of wealth management.”
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.
A word from AGM podcast sponsor, Ultimus Fund Solutions
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: ultimusfundsolutions.com or email info@ultimusfundsolutions.com.
We thank Ultimus for their support of alts going mainstream.
Show Notes
00:30 Meet Larry Restieri
01:25 A Message from Ultimus Fund Solutions
02:35 Larry’s Career Story
08:44 Why Hightower CEO
09:28 Next Evolution Wealth
10:29 RIA Platform And Tech
12:16 Democratizing Alternatives
13:28 Selling Illiquidity Correctly
15:02 Education Avoids Surprises
18:05 Platform Scale And Choice
28:58 Signature Wealth Brand
29:21 Growth Targets Ahead
29:50 Platform Benefits Deal
29:58 Acquiring The Bahnsen Group
30:58 Inorganic Growth Model
31:26 Client Brand Question
32:02 Volkswagen Brand Model
32:43 Why Brand Matters
33:37 Values Across Teams
34:01 Building Unified Culture
35:04 Advisor Community Summit
35:49 Why Keep Independence
36:33 Hightower 3.0 Strategy
38:09 Advisor Client Connection
38:44 Defining Open Architecture
40:12 Private Equity Impact
42:29 Exit Paths Going Public
44:09 M&A Multiples Pressure
46:05 Market Cycles and Rates
47:48 Private Markets Allocation
49:32 Advisor Private Market Fears
51:10 GPs Serving RIAs Better
52:05 Enterprise GP Partnerships
53:06 Non-Obvious Alt Take
54:50 Closing Reflections
Editing and post-production work for this episode was provided by The Podcast Consultant.
Disclaimer: Alt Goes Mainstream is an independent podcast and newsletter focused on the private markets industry. It is published for informational and educational purposes only and does not constitute investment advice, financial advice, legal advice, or any other form of professional advice. Nothing contained herein should be construed as a recommendation to buy, sell, or hold any security or investment product. Some companies, individuals, or organizations featured or mentioned in this newsletter may be current or past sponsors of Alt Goes Mainstream. Sponsorship does not influence editorial coverage, but readers should be aware that a relationship might exist. The author may hold direct or indirect investments in companies, funds, or other entities mentioned in this podcast or newsletter.
