Hightower Advisors, the Chicago-based registered investment advisor, is bringing in a former Vanguard technology and client-experience executive as its next president, part of a broader leadership overhaul that also touches its fast-growing direct-to-consumer arm. The firm said Tuesday that Marco De Freitas will join as president, reporting directly to chief executive Larry Restieri. De Freitas is expected to start in the middle of the fourth quarter, with a mandate to consolidate operations, technology, enterprise artificial intelligence strategy, and the investment platform under a single umbrella.
De Freitas arrives from Vanguard, where he held senior leadership roles covering client experience, digital transformation, and technology. His move comes just weeks after Vanguard announced in late August that it would acquire Altruist in a deal reported to be worth $4.6 billion. Prior to Vanguard, De Freitas spent a decade at TD Ameritrade, overseeing digital strategy, client experience, investment products, and advice. Earlier in his career, he spent eight years at McKinsey & Company, advising financial firms on strategy and transformation.
Restieri, who took over as Hightower's CEO in June last year after more than two decades at Goldman Sachs, framed the hire as a response to the firm's expansion. "As we continue to scale, we have an opportunity to better connect the resources across our firm and make it easier for advisors to bring the full breadth of our capabilities to clients," Restieri said. "Marco's leadership will be critical as we build a more integrated, forward-looking organization."
De Freitas said the opportunity to modernize Hightower's technology stack was part of the draw. "Technology and AI present significant opportunities to streamline how we operate and elevate the experience we deliver to advisors and clients," he said. "Hightower has tremendous momentum and a differentiated set of resources."
In what could be the first step in a broader roadmap of infrastructure updates, Hightower inked a partnership with Dispatch, an onboarding-focused fintech firm, earlier this month to help unify client data across Hightower Signature Wealth, the fast-growing national direct-to-consumer platform that's approaching its first anniversary. The platform has surpassed $40 billion in assets under management as of June 30.
Hightower also announced a raft of leadership updates at Signature Wealth. Jennifer Frazier was named president of Hightower Signature Wealth, where she will lead strategy and expansion. A 25-year veteran of the industry, she joined Hightower after a career that included work in wealth management strategy and business development, with 13 years as managing director at Fidelity Investments. Mike Hirsbrunner becomes chief operating officer, taking charge of operations and integration, while Penny Phillips, who joined the Signature Wealth platform as part of its first external acquisition in March, will step in as the unit's head of advisor growth, concentrating on organic growth as well as the advisor and client experience.
Restieri credited the trio's "complementary leadership across strategy, operations and growth" for getting the unit to its current size in under a year. The moves come as Hightower continues to scale its multi-custodial platform, which serves independent advisors. The firm's recent partnership with Dispatch and the leadership changes signal a focus on integrating technology and client experience across its various channels.
Industry observers note that Hightower's hiring of De Freitas, with his deep technology and client-experience background, underscores the growing importance of digital capabilities in the RIA space. As advisors lean on AI for administrative tasks, firms like Hightower are investing in technology to streamline operations and enhance the advisor and client experience. The move also comes amid a broader trend of record advisor moves, with firms competing for top talent and leadership.
Hightower's expansion of Signature Wealth, which has grown rapidly through acquisitions, is part of a larger strategy to build a direct-to-consumer platform that complements its traditional RIA business. The unit's growth toward a $50 billion AUM goal has been fueled by deals like the Boston Hill Advisors acquisition. With the new leadership team in place, Hightower aims to continue that momentum while integrating technology and operations across the firm.
