Modern Wealth Management has agreed to acquire two firms in California, which together manage over $1bn in assets.
The acquisitions of these two firms- Wade Financial Advisory and Planned Asset Management – will increase Modern Wealth’s assets under management (AUM) to more than $7bn.
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Modern Wealth has signed two asset purchase agreements in connection with the deals.
It has already finalised the purchase of Wade Financial Advisory, with the acquisition of Planned Asset Management due to complete soon.
Wade Financial, located in Campbell, California, is a fee-only financial planning firm that also offers tax planning and preparation services.
The firm manages assets exceeding $700m and caters to over 250 households in the Silicon Valley region, including technology entrepreneurs and multigenerational families.
Modern Wealth will integrate Wade Financial’s tax planning services into its existing tax platform.
The firm’s chief investment officer Neelesh Champaneri will join Modern Wealth’s investment management team, which is headed by director of investments Stephen Tuckwood.
Headquartered in Calabasas, California, Planned Asset Management is an independent advisory firm.
It offers financial planning and investment management services to more than 200 households, including individuals, families, and small business owners.
Founded by Morrie Reiff, the firm manages over $350m in assets and has a plan for a leadership succession to Reiff’s daughter, Jamie Reiff.
Modern Wealth co-founder and president Jason Gordo said: “These exceptional firms allow us to establish our first client-facing offices in California and mark the next phase of our national expansion.
“Wade Financial will bolster our tax and investment management capabilities, while Planned Asset Management gains the operational, technological and administrative support needed to scale their client service.”
The integration into Modern Wealth is said to provide both Wade Financial and Planned Asset Management with enhanced resources to serve their clients.
This includes access to a comprehensive wealth management platform that offers services such as financial planning, tax planning, estate planning, and investment management.
Besides, both firms will benefit from Modern Wealth’s “Organic Growth Hub,” which offers strategies for lead generation, client onboarding, and business support in areas such as marketing and compliance.
Wade Financial and Planned Asset Management will transition their teams of 13 and seven financial professionals, respectively, to Modern Wealth and will also take on the Modern Wealth brand.
Derek Bruton of Gladstone Associates provided advisory services for the Planned Asset Management deal.
