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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ANECDOTE

Father's Calls Became Contrarian Signals

  • Picard recounts his father's market-timing calls as a cautionary example against emotional trading.
  • He used those calls as a contrarian signal to buy rather than sell.
INSIGHT

AI Is A Short, Intense Transformational Cycle

  • AI represents a rapid, transformative cycle (about a decade) that will reshape investing and business.
  • Managers must plant thematic seeds now to capture multi-year returns from AI-driven change.
ANECDOTE

AI Built Websites In Minutes—A Wake-Up Call

  • Picard tested an AI tool (Lovable) that generated five working websites in about 20 minutes, which unsettled him.
  • The demo convinced him AI will materially change research and operations in investing.
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