Modera Wealth Management Acquires $312M Florida RIA

RIA Modera Wealth Management has acquired a Florida-based wealth management firm, which manages $311.6 million in assets under management. 

Plantation, FL-based Northstar Financial Planners, founded in 2000 by CEO Allen Giese, provides wealth management-related services, including investment management, financial planning, tax and estate planning, and technology resources. 

Northstar, which serves over 350 households across the Sunshine State, specializes in providing services to high-net-worth clients, with a focus on pre-retirees, Florida Retirement System special risk employees, and families of children with special needs, Modera said. 

As part of the acquisition, the team at Northstar Financial Planners has transitioned to Modera, and Giese has joined Modera as a wealth manager and principal. 

Modera’s latest addition marks the firm’s first acquisition for the year, a company spokesperson confirmed to Connect Money. 

The firm had 264 clients with over $90 million in regulatory assets across 1,054 accounts, according to the firm’s latest Form ADV, updated in February. 

“By joining Modera, our clients gain access to additional investment, financial planning, tax advisory, and technology resources,” Giese said. “Joining Modera helps ensure the future of the firm is not dependent on any one individual, and it preserves the relationships and planning philosophy that our clients value.” 

Giese also stated that Northstar Financial Planners transitioned to Modera because of its emphasis on providing its clients with greater support for their succession planning needs and concerns.  

“We’ve grown to a point where having a sound, durable succession plan isn’t optional. It’s responsible,” Giese said. 

Financial terms of the deal weren’t disclosed. 

New Jersey-based Modera Wealth Management, which oversees roughly $17.5 billion in assets under management, has over 6,300 clients nationwide, the firm said. In 2021, Modera Wealth sold a minority stake to TRIA Capital Partners.

Pictured: Allen Giese