Chicago-headquartered Hightower, a registered investment advisor (RIA), has made its first investment in 2025, bolstering its presence in the East and West Coasts.

Hightower has made an investment in Lindbrook Capital, a financial planning and wealth management practice with about $3.8 billion in assets under management and offices in Los Angeles, Calabasas, California, and New York City.

The size of the investment stake wasn't disclosed.

Lindbrook Capital, which marks Hightower’s first investment in 2025, provides investment management and financial planning services to affluent families, individuals, foundations and endowments. The 10-person organization is led by managing partners Benjamin Posen and Tyler Dritz, in collaboration with Lee Samson, a partner at Lindbrook Capital.

“We have known the principals at Lindbrook Capital for more than a decade and are excited for them to join Hightower,” said Hightower chairman and CEO Bob Oros. “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.” (Oros is stepping down as CEO, succeeded by Goldman Sachs lifer, Larry Restieri, who most recently was CEO of Ayco, the Goldman unit that manages portfolios of corporate executives.) 

“We thought long and hard about our options and determined Hightower is the right partner. 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,” Posen said.

In the transaction, Lindbrook was advised by Colchester Partners and Kirkland & Ellis provided legal counsel. For Hightower, McDermott, Will & Emery provided legal counsel.

The nationwide Hightower advisor community now comprises more than 140 advisory businesses in 35 states and the District of Columbia. Hightower offers a range of services for accelerating organic growth. Advisory groups that partner with Hightower also receive access to inorganic growth services such as sourcing, valuation, deal structuring, due diligence, legal and regulatory, pre- and post-close integration, and capital resources for M&A transactions. At the end of 2024, assets under management (AUM) for Hightower and its affiliates were about $168 billion. 

The stakes that Hightower has taken in other wealth management firms is part of a broader M&A narrative that has unfolded in the North American wealth management industry.