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Direct Investment  + Financial Advisory  + M&As  + Wealth Management  |  December 2, 2024
Modera Buys $467M Maryland RIA
Joe Palmisano
By: Joe Palmisano

Modera Buys $467M Maryland RIA

Modera Wealth Management, LLC, a financial planning firm with $12.5 billion in assets under management, has acquired Bay Point Wealth, a registered investment advisor with $467 million in assets and offices in Annapolis and Stevensville, MD.

Founded by Bill Hufnell in 1995, Baypoint will add eight employees to Westwood, NJ-based Modera, including four advisors who specialize in working with families, business owners, corporate executives, medical professionals, surviving spouses, and individuals with special needs.

“I am confident that this new chapter will enhance our capabilities and offer our talented team even greater opportunities for development and career advancement,” said Hufnell, who joins Modera as a wealth manager and principal. “This is a truly transformative step for us, promising continued innovation and improved services for our clients.”

Founded in 1983, Modera provides fee-only, comprehensive wealth management for individuals, families, retirement plan sponsors and non-profit institutions to clients nationwide. In addition to portfolio management, the firm provides clients with financial planning services, including retirement planning, estate planning, income tax planning and risk analysis.

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Modera Wealth Management

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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