Modern Wealth Acquires $1.4B Boise RIA
Modern Wealth Management has purchased Petso Financial Consultants, a fee-only advisory firm based in Boise, ID with more than $1.4 billion in assets under management.
The acquisition marks the largest deal for Modern Wealth since acquiring $1.5 billion Barber Financial Group, the firm’s first purchase that coincided with its launch in April 2023 with equity financing from private equity firm Crestview Partners.
Founded in 2001 by David Petso, who joins Modern Wealth as managing director. Petso Financial is an independent advisory firm that provides holistic wealth management and financial planning services, including investment management, financial planning, estate planning and retirement income planning for both individuals and corporate clients.
The 10-person team will gain access to Modern Wealth’s organic growth and business support resources, including its Organic Growth Hub for lead generation and client onboarding. Additionally, the firm will offload business management tasks and receive support across accounting, compliance, technology, human resources and operations.
“Expanding into the Pacific Northwest region represents a key step in our broader national strategy,” said Jason Gordo, co-founder and president of Modern Wealth. “By acquiring high-growth firms that share our commitment to delivering comprehensive financial advice, we continue strengthening our team’s ability to serve clients across the country.”
The Monterey, CA-based registered investment advisory firm founded by former United Capital executives aims to make additional acquisitions through the end of the year, according to a spokesperson.
Following its recent acquisition of Knoxville, TN-based C&J Wealth Advisors via an asset purchase, Modern Wealth now operates 14 offices across 11 states. Petso is the firm’s 6th acquisition of the year and 11th since its launch and brings its assets under management to more than $6 billion.
Pictured: Petso Financial Consultants team