The registered investment advisor (RIA) channel is no longer defined by independence alone. Over the past two decades, it has evolved from a constellation of founder‑led practices into one of the most consequential growth engines in wealth management. Not only is it larger in scale, and more complex in structure, but is increasingly influenced by institutional capital.
That evolution brings opportunity, but also consequence. As firms grow, the decisions they make around culture, talent, governance, and capital allocation compound quickly. Growth that once felt incremental now shapes enterprise value, client trust, and long‑term durability.
At iCapital Connect 2026, a conversation among RIA leaders surfaced a central question facing the industry: What does intentional growth actually require when firms move from practices to platforms?
On iCapital’s main stage, Sonali Basak framed the moment as an inflection point for the advice industry. Joined by iCapital President Gary Gallagher, three CEOs at the forefront of enterprise RIA building, Larry Restieri of Hightower Advisors, Rick Buoncore of MAI Capital Management, and Matt Fleissig of Pathstone, offered a candid assessment of what it takes to grow without eroding what made firms successful in the first place.
What emerged was not a playbook, but a set of principles increasingly defining durable RIA platforms.
Strategic integration, not deal flow, is the defining capability of scaled RIAs
RIA growth has followed many paths, but nearly all now converge on the same destination: institutional scale.
Hightower, among the earliest aggregators, has grown into a $350 billion firm and is entering what Restieri described as “Hightower 3.0”—a phase defined less by expansion and more by integration, governance, and brand cohesion. Pathstone evolved from a six‑founder firm managing $1 billion into a national platform serving nearly 850 ultra‑high‑net‑worth families through a single point of accountability. MAI Capital Management grew from $900 million to $73 billion by combining disciplined organic growth with targeted acquisitions rooted in family‑office heritage.
Different models with same reality help prove that scale alone is not a strategy.
As firms mature, integration becomes the real test of leadership. Early‑stage growth can tolerate operational fragmentation; enterprise platforms cannot. Centralized onboarding, investment management, data, and compliance increasingly underpin advisor autonomy rather than restrict it. In today’s environment, advisors are no longer choosing between independence and scale—they are choosing whether a firm truly functions as one enterprise.
Organic growth is the signal that markets and people trust
Across the panel, organic growth emerged as the clearest indicator of whether a firm’s model is working.
Fleissig drew a sharp distinction between growth that compounds value and expansion that quietly introduces risk. Organic momentum fuels talent development, reinforces culture, and ultimately determines whether acquisitions strengthen or dilute a firm. In an environment where valuation multiples increasingly reward sustained organic growth, acquisitions without a post‑close growth plan create financial and organizational drag.
Buoncore reinforced that acquisitions must elevate the broader organization, like filling capability gaps, expanding services, or enhancing investment expertise. MAI’s partnership with Evoke, for example, was positioned as a quality‑enhancing move rather than simply an AUM accelerant.
Culture serves as the gatekeeper. Client‑first alignment, openness to change, shared investment philosophy, and integration readiness are no longer soft considerations; they are prerequisites. Without them, scale becomes fragile.
Private capital accelerates clarity when incentives align
Private capital is now embedded in the RIA ecosystem, and the panel was direct about its implications.
Fleissig noted that the introduction of outside capital fundamentally changes the business. At its best, it brings discipline, long‑term planning, and the resources required to professionalize at scale. At its worst, misaligned incentives can pressure culture and client experience.
Buoncore emphasized that managing this complexity is a core CEO responsibility. When leaders effectively insulate advisors and clients from capital‑structure friction, private equity can reinforce fiduciary responsibility rather than compromise it.
Importantly, institutional capital also enables broader equity ownership. At Pathstone, expanded employee ownership has strengthened retention and transformed the firm into a long‑term career destination, an outcome difficult to achieve without patient, aligned capital.
Enterprise RIAs require leadership
As founder‑led models give way to platforms, leadership depth and governance become strategic assets.
MAI has invested heavily in leadership development through formal programs and managing partner roles. At Hightower, Restieri has focused on building a best‑in‑class executive team across investments, compliance, operations, and human capital, providing advisors confidence that the firm can scale responsibly.
The common thread: enduring firms invest in leadership well before succession becomes urgent. Transparency, clear decision‑making structures, and internal mobility are no longer optional; they are foundational to continuity.
Alternatives demand discipline, education, and trust
In serving affluent and ultra‑high‑net‑worth clients, alternatives have shifted from differentiation to expectation. But access alone is insufficient.
Buoncore outlined MAI’s underwriting discipline, centered on thesis clarity, manager quality, and structural alignment. Fleissig emphasized that true differentiation still comes from scale—the ability to access co‑investments, negotiate economics, and maintain long‑standing GP relationships.
Restieri offered a necessary caution on “democratization.” Broader access does not eliminate responsibility. Education, transparency, and suitability remain critical to protecting client trust as alternative structures evolve.
Key takeaway:
In alternatives, scale expands access—but discipline preserves trust.
Building for the long game
Reflecting on what they would do differently, the panelists resisted hindsight perfection. Fleissig acknowledged the advantage of earlier investment in technology and data infrastructure. Buoncore emphasized continuous reinvention over optimization. Restieri highlighted the enduring value of flexible models that balance centralized scale with local entrepreneurialism.
Together, their perspectives underscored a defining truth for the modern RIA: Growth is no longer powered by assets alone. It is shaped by culture, leadership, integration, and strategic intent.
Firms that treat growth as a long‑term discipline—evolving continuously while remaining anchored to client outcomes—are best positioned to shape the next chapter of the wealth management industry.
