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Private Equity Binge Brings New Life to Wealth Advisers

  • Consolidation of big, small players in $4.8 trillion industry
  • Growing leverage raises risks after bull market buoyed values
RF markets
Photographer: Towfiqu/Moment via Getty Images
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John Egan’s business is helping people plan for retirement. So it was logical he’d make moves to prepare for his own.

Egan struck a deal in 2016 to sell a majority of his firm to HighTower Advisors, a private equity-backed aggregator of registered investment advisers who collectively oversee more than $70 billion.