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Financial Advisory  + RIAs & Financial Advisors  |  April 5, 2023
Former Goldman Sachs Executives Launch New RIA Acquirer with $200M PE Backing
By: Joe Palmisano

Former Goldman Sachs Executives Launch New RIA Acquirer with $200M PE Backing

Three former Goldman Sachs executives have launched Modern Wealth Management, a registered investment advisor (RIA), with a $200 million investment from private equity firm Crestview Partners.

Founded by co-CEOs Gary Roth and Mike Capelle and President Jason Gordo, the firm aims to acquire RIAs to form an integrated enterprise. The threesome joined Goldman Sachs in 2019 when the firm purchased United Capital, which was co-founded by Capelle and Roth in 2004 with Joe Duran, for $750 million, which at the time held $25 billion in assets.

Monterey, CA-based Modern Wealth is already in numerous discussions with RIAs that are interested in joining as anchor offices as the firm builds out its national footprint.

Modern Wealth plans to deliver holistic financial advice by engaging a team of specialists including CFPs, risk managers, CFAs, estate planners and tax planners to support advisors. The firm also plans to support advisor prospecting with lead generation that matches advisors with clients according to their unique needs.

“Here at Modern Wealth, we’re bringing a fresh partnership approach with an end goal of modernizing the way a wealth management firm serves and cares for clients,” said Gordo, who was one of the architects of FinLife Partners at United Capital and Head of Advisor Growth at Goldman Sachs Personal Financial Management.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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