Modern Wealth Adds $500M in AUM with Trio of Deals
Modern Wealth Management, a private equity-backed registered investment advisor co-founded by former United Capital executives, announced three deals totaling more than $500 million, bringing its total acquisitions to eight this year and 13 since its launch in April 2023.
The $6.5 billion firm announced the acquisition of Kansas-based Fiser Group, while Michigan-based Gardey Financial Advisors and North Carolina-based LFM Wealth Management, are set to close before the end of the year.
Led by Nathan Fiser and Thomas Thornhill, Fiser Group is a hybrid tax, accounting and wealth management firm. The nine-person team will bolster Modern Wealth’s existing team in Lenexa. Gardey is a fee-only wealth management firm. Founded in 1985 and led by Jonathan Gardey, Modern Wealth’s acquisition adds six professionals to its team.
LFM is an independent, fee-only advisory firm led by Larry McManus. Modern Wealth is establishing a new office in North Carolina and onboarding three professionals.
Fiser Group, Gardey and LFM are expected to gain access to expanded client service offerings, including financial planning, tax planning and preparation, estate planning, investment management and more.
The three new firms “represent a unique aspect of Modern Wealth’s growth trajectory,” said Jason Gordo, co-founder and president of Modern Wealth. “With Fiser Group, we enhance our tax expertise in an industry where top tax talent is waning. Gardey strengthens our presence in Michigan while LFM establishes our footprint in the fast-growing North Carolina market.”
The firms can also leverage Modern Wealth’s “Organic Growth Hub,” which provides strategies for lead generation, distribution and client onboarding, as well as business support resources such as marketing, technology, compliance, human resources and operations. The three firms will adopt the Modern Wealth brand.
These transactions will increase Monterey, CA-based Modern Wealth’s footprint to 16 offices across 12 states, following the recent acquisition of $1.4 billion Boise, ID-based Petso Financial Consultants through an asset purchase arrangement. Modern Wealth expects to pursue additional acquisitions of high-growth firms in early 2025.
Allen Darby and Jacqueline Martinez of Alaris Acquisitions represented Gardey, while Derek Bruton of Gladstone Associates, LLC represented LFM.