Twenty-six years after its founding, the Old Tappan, New Jersey fee-only wealth management firm Greenbaum and Orecchio, Inc, has changed its name to Modera Wealth Management. According to the firm the new name, "Modera" comes from the Latin words for "management and direction", reflecting the firm's time-tested approach to wealth management.
According to principal Tom Orecchio the name change was necessitated by the retirement of his original partner, Gary Greenbaum,, and the terms of their partnership agreement. Two new partners, Greg Plechner and Mark Willoughby, bought small stakes in the firm last year and upon Greenbaum's retirement, they and Orecchio bought Greenbaum's remaining 44% stake in the firm.
Orecchio says that changing the firm's label to something more generic than the partners' names also helps position it for the future. "We figured that if we didn't change to something more generic we would end up adding a lot of names to the door, not unlike a law firm does, and we didn't want to be in that situation," he says. "We wanted a name that reflected more of what we do and that this is a team approach here, it's not about any one individual."
Although the name change is now official, the firm is still in the midst of transition. Its Web site (www.moderawm.com) currently redirects visitors to the Greenbaum and Orecchio site (www.feeonlywealthmanagement.com), but Orecchio says that's only temporary. He intends to hang on to the feeonlywealthmanagement.com URL because "it definitely describes what we do for a living and how we get paid."