Firms compared · Updated October 10, 2026
Focus Financial vs. Hightower: Comparing two RIA aggregators
The short answer
Focus Financial Partners reported more than $500 billion in client assets across its network as of Jan. 1, 2026, compared with about $352 billion at Hightower as of April 2026. Both buy stakes in or acquire RIAs that often keep their own brands, and both are private equity-owned: CD&R took Focus private on Aug. 31, 2023, while Thomas H. Lee Partners has backed Hightower since 2017. Both were reported in mid-2026 to be in ownership processes, with CD&R seeking a minority-stake buyer for Focus and THL marketing Hightower for sale. Hightower also runs a branded W-2 channel, Hightower Signature Wealth, while Focus has been folding partners into larger hub firms.
RIA
- Client assets across the Focus network · Jan 2026
- more than $500 billion1
- Regulatory AUM (Form ADV), combined across about 60 affiliated RIAs · May 2025
- about $450 billion12
- Headquarters
- New York, N.Y.10
- Founded
- 2004, by Rudy Adolf, Rajini Kodialam and Lenny Chang10
- Ownership
- Private: majority owned by CD&R funds since Aug. 31, 2023, with Stone Point Capital as co-investor; previously public on Nasdaq (2018 to 2023)3
How advisors affiliate
- Partner firm (stake sale, keeps own brand)
- Hub firm or merger into a hub
- Tuck-in acquisition by a hub
Full Focus Financial profile and news →RIA
- Client assets (firm-wide) · Apr 2026
- about $352 billion2
- Assets under management, Hightower Signature Wealth channel (pro forma for pending deals) · Jun 2026
- about $40 billion9
- Advisors and locations, Hightower Signature Wealth · Jun 2026
- more than 160 advisors in more than 35 locations9
- Headquarters
- Chicago, Ill.6
- Ownership
- Private; Thomas H. Lee Partners has held a significant stake since an October 2017 recapitalization and is the lead investor. RIABiz reported in June 2026 that THL was marketing the firm for sale.4
- CEO
- Larry Restieri (as of April 2026)2
How advisors affiliate
- Acquired or stake-partner firm that keeps its brand
- W-2 employee advisor (Hightower Signature Wealth)
- Existing affiliate moving into Signature Wealth
Full Hightower profile and news →Key differences
- Size: Focus reported more than $500 billion in client assets across its network as of Jan. 1, 2026. Hightower reported about $352 billion in client assets as of April 23, 2026.1,2
- Ownership: Focus has been majority owned by CD&R funds since Aug. 31, 2023, with Stone Point Capital as co-investor; it was previously listed on Nasdaq. Thomas H. Lee Partners has been Hightower's lead investor since an October 2017 recapitalization.3,4
- Possible ownership changes: Citywire RIA reported in July 2026 that CD&R was pursuing the sale of a minority stake in Focus. RIABiz reported in June 2026 that THL was marketing Hightower for sale, with Goldman Sachs advising.5,6
- Partner models: Focus partner firms sell a stake and keep their own names; since 2024 Focus has merged many into hub firms such as Focus Partners Wealth. Hightower firms typically keep their brands with a Hightower tag, as The Bahnsen Group will after its 2026 deal.2,7,8
- Employee channel: Hightower Signature Wealth, its branded W-2 channel, had more than 160 advisors in more than 35 locations and about $40 billion in AUM, pro forma, as of June 30, 2026.9
- Deal economics: Focus historically bought 40% to 60% of a partner's earnings before partner compensation, Financial Planning reported in 2018; current terms haven't been disclosed. Financial terms of Hightower's 2026 Bahnsen deal weren't disclosed.2,7
Is Focus Financial bigger than Hightower?
By reported client assets, yes: more than $500 billion across the Focus network as of Jan. 1, 2026, versus about $352 billion at Hightower as of April 2026.
Who owns Focus Financial and Hightower?
Focus is majority owned by funds of Clayton, Dubilier & Rice, with Stone Point Capital as co-investor, after a take-private completed Aug. 31, 2023. Thomas H. Lee Partners has been Hightower's lead investor since 2017. Both were reported in 2026 to be in sale processes, a minority stake for Focus and the firm for Hightower.
What deal terms do Focus and Hightower offer RIAs?
Focus historically bought 40% to 60% of a partner firm's earnings before partner compensation, according to 2018 reporting; terms since the 2023 take-private haven't been disclosed. Hightower didn't disclose terms for its 2026 Bahnsen Group deal. When a Hightower affiliate, Stearns Financial Group, moved into Signature Wealth in August 2026, its partners sold equity.
Do Focus and Hightower firms keep their brands?
Often. Focus partner firms traditionally keep their names, though many have been merged into hub firms since 2024. Hightower firms such as The Bahnsen Group keep their names with a Hightower tag, while firms joining Hightower Signature Wealth take the Hightower Signature brand.
Built only from each firm’s sourced Financial ADVSR profile; figures carry their own as-of dates and may measure different things at each firm. Not investment or career advice. Spot an error? Tell the editors.