New handshake, business deal, hiring,
Modern Wealth Management, a Monterey, California-based RIA, on Wednesday announced the acquisition of Brown & Co., based in Denver.
Brown & Co. serves more than 200 households, including business owners, entrepreneurs, executives and high-net-worth individuals. Services include investment management, retirement planning, advanced tax and estate strategies and charitable planning.
Brown & Co. oversees about $1 billion in assets under management. The firm was previously affiliated with LPL Financial, a relationship that began in 1996, according to BrokerCheck.
Founded in 1988 by Mark Brown, who now joins Modern Wealth as managing director, Brown & Co. has eight employees. These include the leadership team of Danielle Berz, Brown & Co.'s senior client relationship manager and divorce planning coordinator; and Justin Cassida and Jonathan Kuiter, Brown and Company's managing directors.
This deal, which was guided by Alaris Acquisitions, brings Modern Wealth's total AUM to over $13 billion. It marks Modern Wealth's entry into Colorado, and its 21st acquisition, according to a statement.
As part of the transaction, the Brown & Co. team will join Modern Wealth's platform.
Modern Wealth was co-founded by former United Capital executives Gary Roth, Mike Capelle and Jason Gordo in April 2023.
This is Modern Wealth's second such deal in April. Earlier this month, the RIA purchased Legacy Wealth Management, a South Florida-based advisory firm working with about $1.2 billion in client assets that was also previously affiliated with LPL.
Gordo, Modern Wealth's president, told ThinkAdvisor that these LPL firms are increasingly interested in moving to the RIA space because it offers more freedom and flexibility in how they manage their practices. The RIA model allows firms to offer a broader range of services, including tax planning and preparation, estate planning and investment management, he said.
"The independent route also allows advisors to engage in entrepreneurial pursuits without the constraints of a larger institution," he said. "In general, advisors are finding that the overall value of their firm is higher when positioned at an RIA."
(Credit: Shutterstock)
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.