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.
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 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.
Show Notes00:15 Meet Larry Restieri
01:22 Sponsor Message from Ultimus Fund Solutions
05:37 Larry Career Journey
12:02 Next Wealth Evolution
14:37 Democratizing Alternatives
17:08 Education And Expectations
18:14 GPs And Distribution
19:49 Big Versus Niche Managers
22:09 Platform Due Diligence
23:20 NEPC And Hightower One
26:18 Trillion Dollar RIAs
28:57 Building Hightower One
29:27 Signature Wealth Brand
30:41 Acquiring The Bahnsen Group
32:22 The Volkswagen Brand Analogy
34:15 Culture and Community
36:34 Hightower 3.0 Strategy
37:59 Open Architecture Explained
41:04 Private Equity Exits
43:06 Multiples and Deal Discipline
44:49 Markets and Cash Flow
46:20 Private Markets Adoption
52:33 Closing Reflections
A Word from Our Sponsor, UltimusThis 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.
We thank Ultimus for their support of alts going mainstream.
Editing and post-production work for this episode was provided by The Podcast Consultant.What is Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets?
Alt Goes Mainstream podcast is the place to turn to for interviews with some of the brightest and most experienced minds in the world at the intersection private markets and wealth management. AGM dives into investment strategies like private equity (PE), private credit, venture capital (VC), secondaries, GP stakes, infrastructure, real estate, wealth management, and comprehensively covers tools and frameworks for approaching private markets, such as asset allocation, evergreen funds, model portfolios, and more. For anyone looking to invest into private markets (from experienced wealth managers to family offices to the individual investor looking for a more diversified investment portfolio), you’ll hear inside stories from executives and founders at some of the world’s largest financial institutions, alternative asset managers firms, and wealth management firms. More than a personal finance podcast, Alt Goes Mainstream dives deep into trends, investment strategies, firm building lessons, and innovative technologies that are enabling investors to access private markets.