RIA Modern Wealth Management says it is buying Legacy Wealth Management, a South Florida-based advisory firm working with about $1.2 billion in client assets that was previously affiliated with LPL Financial.
The Legacy deal brings Monterey, California-based Modern Wealth its first office in Florida. It's also the RIA's 20th purchase since the firm opened in April 2023. Modern Wealth has close to 20 offices nationwide and over $12 billion in assets.
For its part, Legacy Wealth includes seven financial advisors and is led by Tony DuBose and Joel Palatnik, who join Modern Wealth as managing directors. DuBose was affiliated with LPL for nearly 29 years, while Palatnik spent the past 10 years with LPL, as well as the period from 2008 to 2014, according to their BrokerCheck records.
"Tony and Joel's team exemplifies the type of entrepreneurial, client-focused advisors we are proud to welcome to our firm," said Jason Gordo, Modern Wealth's co-founder and president. "Their experience, client relationships and expertise in retirement plans strengthen our platform and support our expansion in the Southeast as we continue to build a national presence."
The Legacy team plans to leverage Modern Wealth's suite of services, including financial planning, retirement plan advisory work and estate planning. Its client base of more than 1,400 families encompasses business owners, pilots, professional guardians, trustees and other mass affluent through ultra-high-net-worth clients.
"If you had asked me three years ago about merging or selling the firm, it would have been a hard no," DuBose said in a statement. "But that all changed when we met the leadership team at Modern Wealth. From the start, they treated this not as a transaction, but as the next phase of growth for our firm, our clients and our team."
As part of the transaction, Legacy's retirement plan advisory business — managing roughly $300 million in retirement plan assets and led by Val Ortega — will become part of Modern Wealth's retirement plan consulting team, headed by Michelle Cannan.
(Shutterstock)
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