Hightower Advisors
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 2007 |
| Founder | Elliot Weissbluth, Larry Koehler, Daniel Lidawer, Drew Kornreich |
| Headquarters | Chicago , United States |
Key people | Bob Oros (CEO), Elliot Weissbluth (former chairman) |
| Products | Financial planning, investment advisory services |
| Parent | Thomas H. Lee Partners (majority owner) |
Hightower Advisors (commonly known as Hightower) is a U.S.-based firm specializing in financial planning and investment advisory services, with its headquarters located in Chicago, Illinois. In 2023, it earned the No. 2 position on Barron's list of the Top 100 Registered investment adviser (RIA) Firms.
Background
Founded in 2007 by Elliot Weissbluth, Larry Koehler, Daniel Lidawer, and Drew Kornreich, Hightower was established to support broker-dealer advisors seeking autonomy while retaining the benefits of large-firm infrastructure. Weissbluth, who previously served as president of U.S. Fiduciary Services, secured capital from leaders at firms such as Charles Schwab Corporation and Morgan Stanley. The company’s approach empowered advisors to operate free from product limitations, prioritizing client interests and providing equity stakes despite offering somewhat lower compensation. This model attracted teams from institutions including Morgan Stanley, Merrill, UBS, and JPMorgan Chase, contributing to swift expansion. The brand name and slogan, "An unobstructed view," were selected to set the firm apart from conventional broker-dealers.
Although the company experienced growth, it encountered obstacles like leadership turnover and legal conflicts involving proprietary information with competitors. Some partners departed for more financially rewarding roles amid intensifying rivalry from firms like Dynasty Financial Partners. By 2013, the partnership structure had reached an impasse, leading Hightower to shift focus toward acquiring RIAs and building an outsourced platform service. However, competitors such as Focus Financial Partners and United Capital possessed greater expertise in mergers and acquisitions.
In 2015, plans to pursue a public offering within a two-year timeframe were under consideration.
In 2017, Thomas H. Lee Partners (THL) purchased a controlling interest for $350 million and subsequently injected an additional $100 million to recapitalize the business. This transaction included replacing Weissbluth as CEO with Bob Oros while Weissbluth stayed on as chairman. In December 2020, THL orchestrated another recapitalization deal valued between $700 million and $800 million in partnership with Coller Capital, Neuberger Berman, and Goldman Sachs. Weissbluth exited his chairman role and liquidated his stake; several senior executives also left during this period.
Following these changes, Hightower has expanded through numerous RIA acquisitions. In October 2023, the firm announced a reduction of its workforce by 5%. As of December 2023, THL was reportedly evaluating options to divest its majority ownership in the company.