Modern Wealth Expands into Iowa with $205M Midwest Financial Acquisition

Registered investment advisor Modern Wealth Management has made its fourth deal since launching in April with $200 million in equity financing from Crestview Partners with the acquisition of Midwest Financial, a Glidden, Iowa-based advisory firm with approximately $205 million in assets.

Financial terms of the deal, which closed on August 31, were not disclosed.

Formed in 1983 and led by Brian D. Johnson and Jeremiah Johnson, the father-son team has expanded Midwest Financial’s service offerings to provide its clients with holistic financial planning solutions, including investment and risk management, social security planning, tax planning and strategies, estate planning and other wealth management services.

“We look forward to ushering in greater operational efficiencies at the firm, along with providing our clients an expanded menu of financial planning services,” said Brian Johnson.

Brian and Jeremiah Johnson have been named managing directors at Modern Wealth and will continue to work out of their Glidden office. Midwest Financial’s three administrative employees will join them at Modern Wealth.

Headquartered in Monterey, CA, Modern Wealth, which was launched by former United Capital Financial Advisers executives Mike Capelle, Gary Roth and Jason Gordo, has already acquired Barber Financial Group, Osiwala Financial Group and Financial Security.

According to its August 29 SEC ADV filing, Modern Wealth has over $1.5 billion in assets under management.