How I Invest with David Weisburd

E225: Inside the $324B Playbook: How Hightower Is Reshaping Wealth Management

Oct 13, 2025
Guest
Robert Picard
In this engaging discussion, Robert Picard, the Head of Alternative Investments at Hightower Advisors and seasoned expert with over 35 years in the industry, reveals how Hightower is redefining wealth management by enhancing access to private markets. He shares insights on the NEPC acquisition, the importance of bridging institutional research with individual portfolios, and why illiquidity can favor patient investors. Robert also discusses the transformative role of AI in asset management and offers guidance on effectively allocating assets to private investments.
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INSIGHT

Private Markets Dominate The Opportunity Set

  • 91% of U.S. companies with >$100M revenue remain private, creating a vast opportunity outside public markets.
  • Private markets can materially expand investable opportunity sets beyond the 9% public universe.
INSIGHT

Democratization And Miniaturization Of Private Deals

  • Technology and product innovation have enabled the 'democratization and miniaturization' of private markets for smaller investors.
  • Minimum access that once required multi-million checks can now be obtainable with investments as small as $10,000.
ADVICE

Use Tiered Private Allocation Targets

  • Allocate private markets by client risk profile: conservative 10%, balanced 20%, growth 30% of total portfolio.
  • Diversify within private allocations across private equity/venture, secondary, real estate, and private credit according to the model.
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