Assets under management Growth by Quarter
Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.
Total AUM
Total Accounts
10Y AUM Change
Private Funds
Private funds reported by Hightower Advisors, LLC
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Employee Growth by Quarter
Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.
Total Employees
Clients per Employee
10Y Employee Change
Historical AUM and employee figures reflect available SEC Form ADV filings under this CRD. Filing gaps may reflect registration status changes, dormant periods, state registration periods, firm restructuring, or other reporting changes. Rialytix does not interpolate missing periods.
Ownership
Reported direct and indirect ownership ranges
Each range applies to a separate reported relationship and should not be added together.
Reported ownership ranges
Highlighted bands show the percentage range reported in Form ADV.
0%25%50%75%100%
HIGHTOWER HOLDING, LLCDirect owner · Schedule AInterest in HIGHTOWER ADVISORS, LLC
75%+
HIGHTOWER INTERMEDIATE, LLCIndirect owner · Schedule BInterest in HIGHTOWER HOLDING, LLC
75%+
HT HOLDING, LLCIndirect owner · Schedule BInterest in HIGHTOWER INTERMEDIATE, LLC
75%+
THL EQUITY FUND VII INVESTORS (HT), LLCIndirect owner · Schedule BInterest in HT HOLDING, LLC
50% to < 75%
THL EQUITY FUND VII INVESTORS (HT) BLOCKER, LLCIndirect owner · Schedule BInterest in THL EQUITY FUND VII INVESTORS (HT), LLC
25% to < 50%
THL HT PARALLEL SPV, L.P.Indirect owner · Schedule BInterest in THL EQUITY FUND VII INVESTORS (HT) BLOCKER, LLC
25% to < 50%
THL HT SPV, L.P.Indirect owner · Schedule BInterest in THL EQUITY FUND VII INVESTORS (HT), LLC
25% to < 50%
Bars represent the reported range at that individual ownership step, not an estimated percentage of the advisory firm. Indirect relationships may refer to intermediate entities rather than directly to Hightower Advisors, LLC.
Reported ownership and control details
Form ADV · Filing date 2026-09-03 · Schedules A and B
| # | Owner / person & role | Interest in entity | Reported interest | Control person | Title / status acquired | Source |
|---|---|---|---|---|---|---|
| 1 | HIGHTOWER HOLDING, LLCHOLDING COMPANYDomestic entity | HIGHTOWER ADVISORS, LLC | 75% or moreCode E | Yes | HOLDING COMPANY04/2008 | Schedule APDF page 208 |
| 2 | DOUGLAS JOSEPH BESSOCHIEF TECHNOLOGY OFFICERIndividual | HIGHTOWER ADVISORS, LLC | Less than 5%Code NA | Yes | CHIEF TECHNOLOGY OFFICER01/2015 | Schedule APDF page 208 |
| 3 | BARRY ANTHONY COVIELLONATIONAL DIRECTOR OF FIELD SUPERVISIONIndividual | HIGHTOWER ADVISORS, LLC | Less than 5%Code NA | Yes | NATIONAL DIRECTOR OF FIELD SUPERVISION07/2013 | Schedule APDF page 208 |
| 4 | DANIEL JEREMY BERGCHIEF FINANCIAL OFFICERIndividual | HIGHTOWER ADVISORS, LLC | Less than 5%Code NA | Yes | CHIEF FINANCIAL OFFICER04/2024 | Schedule APDF page 208 |
| 5 | JARED NOLAN SCHWARTZCHIEF RISK OFFICERIndividual | HIGHTOWER ADVISORS, LLC | Less than 5%Code NA | Yes | CHIEF RISK OFFICER01/2018 | Schedule APDF page 208 |
| 6 | BARRETT LOPEZGENERAL COUNSEL, CORPORATE AND M&AIndividual | HIGHTOWER ADVISORS, LLC | Less than 5%Code NA | Yes | GENERAL COUNSEL, CORPORATE AND M&A01/2025 | Schedule APDF page 208 |
| 7 | LAWRENCE JOSEPH RESTIERICHIEF EXECUTIVE OFFICERIndividual | HIGHTOWER ADVISORS, LLC | Less than 5%Code NA | Yes | CHIEF EXECUTIVE OFFICER06/2025 | Schedule APDF page 208 |
| 8 | Patrick James DunneCHIEF OPERATING OFFICERIndividual | HIGHTOWER ADVISORS, LLC | Less than 5%Code NA | Yes | CHIEF OPERATING OFFICER02/2026 | Schedule APDF page 208 |
| 9 | Jyothi San JuanEXECUTIVE DIRECTOR, COMPLIANCEIndividual | HIGHTOWER ADVISORS, LLC | Less than 5%Code NA | Yes | EXECUTIVE DIRECTOR, COMPLIANCE12/2025 | Schedule APDF page 208 |
| 10 | Michael BernardoCHIEF COMPLIANCE OFFICERIndividual | HIGHTOWER ADVISORS, LLC | Less than 5%Code NA | Yes | CHIEF COMPLIANCE OFFICER07/2026 | Schedule APDF page 208 |
| 11 | SCOTT ROLAND HADLEYCHIEF ADVISORY OFFICERIndividual | HIGHTOWER ADVISORS, LLC | Less than 5%Code NA | Yes | CHIEF ADVISORY OFFICER07/2025 | Schedule APDF page 208 |
| 12 | HIGHTOWER INTERMEDIATE, LLCMEMBERDomestic entity | HIGHTOWER HOLDING, LLC | 75% or moreCode E | Yes | MEMBER10/2020 | Schedule BPDF page 209 |
| 13 | HT HOLDING, LLCMEMBERDomestic entity | HIGHTOWER INTERMEDIATE, LLC | 75% or moreCode E | Yes | MEMBER10/2020 | Schedule BPDF page 209 |
| 14 | THL EQUITY FUND VII INVESTORS (HT), LLCMEMBERDomestic entity | HT HOLDING, LLC | 50% to less than 75%Code D | Yes | MEMBER10/2020 | Schedule BPDF page 209 |
| 15 | THL EQUITY FUND VII INVESTORS (HT) BLOCKER, LLCMEMBERDomestic entity | THL EQUITY FUND VII INVESTORS (HT), LLC | 25% to less than 50%Code C | Yes | MEMBER10/2020 | Schedule BPDF page 209 |
| 16 | THL HT PARALLEL SPV, L.P.MEMBERDomestic entity | THL EQUITY FUND VII INVESTORS (HT) BLOCKER, LLC | 25% to less than 50%Code C | Yes | MEMBER12/2020 | Schedule BPDF page 209 |
| 17 | THL HT SPV, L.P.MEMBERDomestic entity | THL EQUITY FUND VII INVESTORS (HT), LLC | 25% to less than 50%Code C | Yes | MEMBER12/2020 | Schedule BPDF page 209 |
Less than 5% may include zero. Code F identifies a role without specifying a percentage. Reported interests may overlap and may not include every owner. Total indirect ownership is not calculated.
Compliance & Disclosures
Filing dated 9/3/2026 10:34:16 AM
Responses were selected by the RIA in its filing. Questions are shortened for readability; “you” refers to the reporting firm, and some questions also cover advisory affiliates.
RIA or supervised-person involvementThe RIA reported that one or more events below involve the firm or its supervised persons.RIA responseYes
AFelonies2 No
In the past ten years, have you or any advisory affiliate:
- A1Been convicted of or pleaded guilty or no contest to a felony?No
- A2Been charged with a felony?No
BMisdemeanors2 No
In the past ten years, have you or any advisory affiliate:
- B1Been convicted of or pleaded guilty or no contest to a misdemeanor involving investments, an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion?No
- B2Been charged with a misdemeanor of the kind listed above?No
CSEC or CFTC actions3 Yes2 No
Has the SEC or CFTC ever:
- C1Found you or an advisory affiliate made a false statement or omission?No
- C2Found you or an advisory affiliate violated SEC or CFTC regulations or statutes?Yes
- C3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- C4Entered an order against you or an advisory affiliate in connection with investment-related activity?Yes
- C5Imposed a civil money penalty on you or an advisory affiliate, or ordered you or an advisory affiliate to cease and desist from any activity?Yes
DOther regulatory actions3 Yes2 No
Has any other federal regulatory agency, state regulatory agency, or foreign financial regulatory authority ever:
- D1Found you or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?No
- D2Found you or an advisory affiliate violated investment-related regulations or statutes?Yes
- D3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- D4In the past ten years, entered an order against you or an advisory affiliate in connection with investment-related activity?Yes
- D5Denied, suspended, or revoked your or an advisory affiliate’s registration or license, or otherwise prevented association with an investment-related business or restricted activities?Yes
ESelf-regulatory organization actions1 Yes3 No
Has a self-regulatory organization or commodities exchange ever:
- E1Found you or an advisory affiliate made a false statement or omission?No
- E2Found you or an advisory affiliate violated its rules, other than a violation designated as a minor rule violation under an SEC-approved plan?Yes
- E3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- E4Disciplined you or an advisory affiliate by expulsion, suspension, barring association with other members, or otherwise restricting activities?No
FProfessional authorizations1 No
- FHas an authorization to act as an attorney, accountant, or federal contractor granted to you or an advisory affiliate ever been revoked or suspended?No
GPending regulatory proceedings1 No
- GAre you or any advisory affiliate now the subject of a regulatory proceeding that could result in a “Yes” answer to any part of C, D, or E?No
HCivil judicial actions and proceedings4 No
(1) Court actions
Has a domestic or foreign court:
- H(1)(a)In the past ten years, enjoined you or an advisory affiliate in connection with investment-related activity?No
- H(1)(b)Found that you or an advisory affiliate violated investment-related statutes or regulations?No
- H(1)(c)Dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you or an advisory affiliate by a state or foreign financial regulatory authority?No
(2) Pending civil proceedings
- H(2)Are you or any advisory affiliate now the subject of a civil proceeding that could result in a “Yes” answer to any part of H(1)?No
Additional DRP filings 6 source blocks
Verbatim excerpts from supporting DRP filings, which may concern the firm or advisory affiliates. Amounts retain their filed labels; no total or attribution is inferred.
regulatory · block 1HIGHTOWER SECURITIES, LLCPDF pages 209–211
- Advisory affiliate name — filed text
- HIGHTOWER SECURITIES, LLC
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 116681 This advisory affiliate is a Firm an Individual Registered: Yes No Name: HIGHTOWER SECURITIES, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 2HIGHTOWER SECURITIES, LLCPDF pages 211–212
- Advisory affiliate name — filed text
- HIGHTOWER SECURITIES, LLC
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 116681 This advisory affiliate is a Firm an Individual Registered: Yes No Name: HIGHTOWER SECURITIES, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 3HIGHTOWER SECURITIES, LLCPDF pages 212–214
- Advisory affiliate name — filed text
- HIGHTOWER SECURITIES, LLC
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 116681 This advisory affiliate is a Firm an Individual Registered: Yes No Name: HIGHTOWER SECURITIES, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 4NEPC, LLCPDF pages 214–216
- Advisory affiliate name — filed text
- NEPC, LLC
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: 110562 This advisory affiliate is a Firm an Individual Registered: Yes No Name: NEPC, LLC (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 2. Principal Sanction: Other Sanctions: 3. Date Initiated (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: 11. Resolution Date (MM/DD/YYYY): Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
regulatory · block 5PDF pages 216–218
- Regulator name — filed text
- MASSACHUSETTS SECURITIES DIVISION
- Monetary/Fine Amount — filed text
- $ 100,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
THE DIVISION CONCLUDED THAT HIGHTOWER ADVISORS LLC FAILED TO PROPERLY REGISTER ITS IAR, WHO HAD A PLACE OF BUSINESS IN MASSACHUSETTS, WITH MASSACHUSETTS PRIOR TO PROVIDING INVESTMENT ADVISORY SERVICES. HIGHTOWER ADVISORS LLC, WITHOUT ADMITTING NOR DENYING THE CONCLUSIONS OF THE DIVISION, AGREED TO SETTLE THE MATTER ON THE TERMS DISCLOSED ABOVE. THE SUBJECT IAR WAS REGISTERED IN ANOTHER STATE WITH HIGHTOWER ADVISORS LLC DURING THE SUBJECT PERIOD.
Other filed details
Description of allegations — filed text
WITHOUT ADMITTED NOR DENYING THE STATEMENT OF FACTS NOR THE VIOLATIONS OF LAW THE DIVISION CONCLUDED THAT HIGHTOWER ADVISORS LLC FAILED TO PROPERLY REGISTER ITS IAR, WHO HAD A PLACE OF BUSINESS IN MASSACHUSETTS, WITH MASSACHUSETTS PRIOR TO PROVIDING INVESTMENT ADVISORY SERVICES.
Sanction detail — filed text
FINE IN THE AMOUNT OF $100,000 PAID IN FULL ON APRIL 7, 2026.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) MASSACHUSETTS SECURITIES DIVISION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: (1) CEASE AND DESIST FROM FURTHER ACTS AND PRACTICES IN VIOLATION OF THE ACT AND REGULATIONS; (2) CENSURE WITH RESPECT TO THE CONDUCT DESCRIBED IN THE ORDER; (3) REVIEW OF WRITTEN SUPERVISORY POLICIES AND PROCEDURES WITH RESPECT TO M.G.L. C.110A, §§201(C) AND 201(D); (4) REGISTER AND MAINTAIN REGISTRATION OF ITS IARS WHO PROVIDE INVESTMENT ADVISORY SERVICES AND HAVE A PLACE OF BUSINESS IN MASSACHUSETTS; (5) ADMINISTRATIVE FINE IN THE AMOUNT OF $100,000. 3. Date Initiated (MM/DD/YYYY): 03/24/2026 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: R-2025-1343 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): WITHOUT ADMITTED NOR DENYING THE STATEMENT OF FACTS NOR THE VIOLATIONS OF LAW THE DIVISION CONCLUDED THAT HIGHTOWER ADVISORS LLC FAILED TO PROPERLY REGISTER ITS IAR, WHO HAD A PLACE OF BUSINESS IN MASSACHUSETTS, WITH MASSACHUSETTS PRIOR TO PROVIDING INVESTMENT ADVISORY SERVICES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Order 11. Resolution Date (MM/DD/YYYY): 03/24/2026 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 100,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: (1) CEASE AND DESIST FROM FURTHER ACTS AND PRACTICES IN VIOLATION OF THE ACT AND REGULATIONS; (2) CENSURE WITH RESPECT TO THE CONDUCT DESCRIBED IN THE ORDER; (3) REVIEW OF WRITTEN SUPERVISORY POLICIES AND PROCEDURES WITH RESPECT TO M.G.L. C.110A, §§201(C) AND 201(D); (4) REGISTER AND MAINTAIN REGISTRATION OF ITS IARS WHO PROVIDE INVESTMENT ADVISORY SERVICES AND HAVE A PLACE OF BUSINESS IN MASSACHUSETTS; (5) ADMINISTRATIVE FINE IN THE AMOUNT OF $100,000. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FINE IN THE AMOUNT OF $100,000 PAID IN FULL ON APRIL 7, 2026. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE DIVISION CONCLUDED THAT HIGHTOWER ADVISORS LLC FAILED TO PROPERLY REGISTER ITS IAR, WHO HAD A PLACE OF BUSINESS IN MASSACHUSETTS, WITH MASSACHUSETTS PRIOR TO PROVIDING INVESTMENT ADVISORY SERVICES. HIGHTOWER ADVISORS LLC, WITHOUT ADMITTING NOR DENYING THE CONCLUSIONS OF THE DIVISION, AGREED TO SETTLE THE MATTER ON THE TERMS DISCLOSED ABOVE. THE SUBJECT IAR WAS REGISTERED IN ANOTHER STATE WITH HIGHTOWER ADVISORS LLC DURING THE SUBJECT PERIOD.
regulatory · block 6PDF pages 218–219
- Regulator name — filed text
- ARIZONA CORPORATION COMMISSIONS
- Monetary/Fine Amount — filed text
- $ 7,500.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
THE DIVISION CONCLUDED THAT HIGHTOWER ADVISORS, LLC, FAILED TO OBTAIN FINGERPRINTS FOR ITS IAR'S REGISTRATION APPLICATION WITH ARIZONA IN A TIMELY MANNER WHILE THE IAR MAINTAINED A PLACE OF BUSINESS AND PROVIDED INVESTMENT ADVISORY SERVICES IN ARIZONA. HIGHTOWER ADVISORS LLC, WITHOUT ADMITTING NOR DENYING THE CONCLUSIONS OF THE DIVISION, AGREED TO SETTLE THE MATTER ON THE TERMS DISCLOSED ABOVE.
Other filed details
Description of allegations — filed text
RESPONDENT VIOLATED A.R.S. § 4432()L(A)((>) BY PERMITTING A PERSON TO RENDER INVESTMENT ADVICE IN VIOLATION OF THE INVESTMENT MANAGEMENT ACT.
Sanction detail — filed text
FINE IN THE AMOUNT OF $7,500 PAID IN FULL ON MAY 14, 2026.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE No Information Filed This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) ARIZONA CORPORATION COMMISSIONS 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 04/02/2026 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: S-21393A-26-0071 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): 6. Principal Product Type: No Product Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): RESPONDENT VIOLATED A.R.S. § 4432()L(A)((>) BY PERMITTING A PERSON TO RENDER INVESTMENT ADVICE IN VIOLATION OF THE INVESTMENT MANAGEMENT ACT. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 05/07/2026 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 7,500.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: NONE Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: FINE IN THE AMOUNT OF $7,500 PAID IN FULL ON MAY 14, 2026. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). THE DIVISION CONCLUDED THAT HIGHTOWER ADVISORS, LLC, FAILED TO OBTAIN FINGERPRINTS FOR ITS IAR'S REGISTRATION APPLICATION WITH ARIZONA IN A TIMELY MANNER WHILE THE IAR MAINTAINED A PLACE OF BUSINESS AND PROVIDED INVESTMENT ADVISORY SERVICES IN ARIZONA. HIGHTOWER ADVISORS LLC, WITHOUT ADMITTING NOR DENYING THE CONCLUSIONS OF THE DIVISION, AGREED TO SETTLE THE MATTER ON THE TERMS DISCLOSED ABOVE.
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