# Focus Financial vs. Hightower: Comparing two RIA aggregators

URL: https://www.financialadvsr.com/compare/focus-financial-vs-hightower
Updated: 2026-10-10
Publisher: Financial ADVSR (https://www.financialadvsr.com)

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.

## 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. [7] [8] [2]
- 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. [7] [2]

## Questions

**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.

Sources:
[1] Focus Financial Partners: About Us (https://corporate.focuspartners.com/about-us)
[2] Hightower: Hightower to Deepen Strategic Partnership with $9.5B The Bahnsen Group (https://hightoweradvisors.com/blogs/news/hightower-to-deepen-strategic-partnership-with-9-5b-the-bahnsen-group)
[3] Focus Financial Partners: Clayton, Dubilier & Rice Completes Acquisition of Focus Financial Partners (https://corporate.focuspartners.com/news/clayton-dubilier-amp-rice-completes-acquisition-of-focus-financial-partners)
[4] Benesch: Benesch Team Helps Client HighTower Enter Recapitalization Agreement with Thomas H. Lee Partners (https://www.beneschlaw.com/news/benesch-team-helps-client-hightower-enter-recapitalization-agreement-with-thomas-h-lee-partners/)
[5] Citywire RIA: CD&R pursuing sale of a minority stake in Focus Financial Partners (post on X) (https://x.com/CitywireRIA/status/2077103298218266858)
[6] RIABiz: Thomas H. Lee puts Hightower rollup back on the market, with Goldman Sachs as sherpa (https://riabiz.com/a/2026/6/11/thomas-h-lee-puts-hightower-rollup-back-on-the-market-with-goldman-sachs-as-sherpa-after-building-in-a-softer-more-organic-side-but-two-voracious-ria-giant-buyers-are-giving-it-a-hard-pass-for-now)
[7] Financial Planning: Focus IPO faces 5 hard questions (https://www.financial-planning.com/news/focus-financial-ipo-raises-questions)
[8] Dakota: Focus Rebrands Hubs Following Recent Consolidation (https://www.dakota.com/fundraising-news/focus-rebrands-hubs-following-recent-consolidation)
[9] Hightower: Hightower Announces $275M Acquisition of Valley Financial Group (https://hightoweradvisors.com/blogs/news/hightower-announces-275m-acquisition-of-valley-financial-group)