Differences Between High-Net-Worth and Institutional Portfolios

Can a $324.3 billion wealth manager reinvent how high-net-worth investors access private markets? In this episode, I speak with Robert Picard, Head of Alternative Investments at Hightower Advisors, who is leading one of the industry’s most ambitious expansions into private markets. We discuss how Hightower is bringing institutional-grade research, access, and due diligence to individual investors, what the NEPC acquisition means for its alternatives platform, and how technology and AI are reshaping the way portfolios are built. Robert also shares lessons from more than 35 years of building multi-billion-dollar alternative platforms atThe Carlyle Group/Rock Creek, Optima Fund Management, RBC Capital Markets and State Street/InfraHedge, and explains why the future of wealth management will look more like an endowment model than ever before.

Highlights:

• How Hightower is bridging institutional research with private-client portfolios
• The strategic rationale behind acquiring NEPC and its impact on Hightower’s platform
• Why private markets are still under-owned among high-net-worth investors
• The “democratization and miniaturization” of private markets and what that means for access
• Robert’s framework for allocating 10–30% of portfolios into private assets
• Why illiquidity can actually be your ally during market downturns
• How AI and technology will transform investment diligence and portfolio construction
• The evolution of independent wealth managers competing with Wall Street wirehouses
• Why maintaining curiosity, networks, and fun are keys to a 35-year investing career

Guest Bio:

Robert Picard is the Head of Alternative Investments at Hightower Advisors, where he leads the firm’s alternative investment platform and oversees research, due diligence, and portfolio design. He previously held senior roles building multi-billion-dollar alternative platforms at The Carlyle Group / Rock Creek, Optima Fund Management, RBC Capital Markets, and State Street / InfraHedge, and served as Head of Alternatives at First Republic Private Wealth Management.

Robert has over 35 years of experience in global investing, with a background in equity derivatives, structured products, and private markets. He is widely regarded for his insights on the convergence of institutional and private wealth investing

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

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LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Robert Picard: https://www.linkedin.com/in/robpicard/

Links Hightower Advisors: https://hightoweradvisors.com/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

(0:00) Preview (1:07) Hightower Advisors and NEPC Acquisition Strategy (2:33) NEPC's Research Benefits and Portfolio Differences (5:55) Democratization of Private Markets for Individuals (8:56) Private Asset Allocation Strategies (13:35) Illiquidity Benefits and Market Downturn Preparation (17:34) Long-Term Cybersecurity and AI Investment Strategies (23:06) The 2030 Asset Management Outlook (24:26) AI in Private Market Research and Growth Projections (28:40) Life Sciences Investment Opportunities (30:18) Independent Wealth Managers vs. Wirehouses (33:20) Evolving Role of Family Offices (36:00) Diversification in Private Markets and Future Trends (42:05) Technological Advancements in Private Markets (45:02) Managing Multiple Advisor Practices and Efficiency with AI (49:33) Career Advice for Young Professionals (51:11) Work-Life Balance and Industry Transformations (51:58) Closing Remarks and Future Podcast Plans (52:09) Closing remarks