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Financial Advisory  + RIAs & Financial Advisors  |  April 5, 2023
Former Goldman Sachs Executives Launch New RIA Acquirer with $200M PE Backing
Joe Palmisano
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 of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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