Roberto Stewart has departed Hightower Advisors after a three-month tenure as a managing director, according to industry reports. The move follows a brief stint for the former UBS executive, who joined the Chicago-based wealth management firm in mid-2024 to focus on expanding its footprint in the ultra-high-net-worth segment.
Why did Roberto Stewart leave Hightower?
While neither Stewart nor Hightower has provided a public explanation for the sudden exit, the departure marks a quick conclusion to a high-profile recruitment. Stewart joined the firm in July 2024, brought on board to lead efforts in private wealth and expand the firm’s reach among affluent clients. His exit, confirmed by reporting from Citywire RIA, leaves a vacancy in the firm’s advisor recruitment and development division.
How does this affect Hightower’s growth strategy?
Hightower has been aggressively pursuing a strategy of "inorganic growth," primarily through the acquisition of registered investment advisors (RIAs) and the selective hiring of high-producing wirehouse teams. The firm, which is backed by the private equity firm Thomas H. Lee Partners, currently oversees more than $160 billion in assets under advisement as of its most recent disclosures.
The loss of a senior director like Stewart—who brought significant experience from his time at UBS—highlights the challenges large aggregators face in integrating talent from traditional banking backgrounds. The wealth management industry has seen a broader trend of "talent churn" as firms compete for experienced advisors capable of managing complex, multi-generational wealth.
What is the broader context of advisor movement?
The wealth management sector is experiencing a period of intense consolidation. According to data from Cerulli Associates, wirehouse firms like UBS, Morgan Stanley, and Merrill Lynch are seeing a steady migration of advisors toward independent platforms and hybrid RIAs.
For firms like Hightower, the goal is to offer the infrastructure of a large organization with the flexibility of an independent firm. However, the success of this model often hinges on the ability to retain leadership capable of navigating both the institutional requirements of private equity ownership and the entrepreneurial culture of independent advisory teams.
Key Takeaways
- Short Tenure: Roberto Stewart’s time at Hightower lasted approximately 90 days, ending in October 2024.
- Strategic Focus: Stewart was hired to bolster the firm’s ultra-high-net-worth division, a core pillar of Hightower’s current growth plan.
- Industry Trends: The move reflects the ongoing competition for top-tier wealth management talent as firms pivot between traditional brokerage models and independent RIA structures.
As of late 2024, Hightower has not announced a successor for Stewart’s responsibilities. The firm continues to maintain its focus on expanding its advisor network through both M&A activity and direct recruitment.