Modern Wealth Boosts AUM by $1B with Pair of California Acquisitions
Modern Wealth Management, a registered investment advisory (RIA) firm headquartered in Monterey, CA, announced it has added over $1 billion in assets under management through two acquisitions in California. The firm finalized the purchase of Wade Financial Advisory and expects to close on the acquisition of Planned Asset Management in the coming weeks, pushing its total assets under management past $7 billion.
These deals mark Modern Wealth’s 14th and 15th acquisitions since its launch in April 2023 by former United Capital executives Gary Roth, Mike Capelle, and Jason Gordo, backed by Crestview Partners.
Wade Financial Advisory, based in Campbell, CA., is a 13-person fee-only RIA with more than $700 million in client assets and over 250 households. Planned Asset Management is a seven-person team based in Calabasas, managing over $350 million in client assets for more than 200 households. Both firms will take on the Modern Wealth brand name.
Wade Financial is a fee-only financial planning firm with a dedicated tax planning and preparation business that integrates taxes, equity compensation, investments, risk management, real estate, retirement and estate planning.
Wade Financial, based in Campbell, is a fee-only firm managing over $700 million in assets for more than 250 households, including tech entrepreneurs and multigenerational families in Silicon Valley. Led by founder Rodney Wade, it brings a robust tax planning and preparation business, which will integrate into Modern Wealth’s existing tax platform. Wade joins as a managing director, while CIO Neelesh Champaneri will collaborate with Modern Wealth’s investment team under director of investments Stephen Tuckwood.
Planned Asset Management, located in Calabasas, oversees more than $350 million for over 200 households nationwide, offering comprehensive financial planning and investment management. Founded 40 years ago by Morrie W. Reiff, the firm pursued this acquisition to support a succession plan for Reiff’s daughter, Jamie Reiff, who will join Modern Wealth as a managing director. The deal was advised by Derek Bruton of Gladstone Associates.
These acquisitions establish Modern Wealth’s first client-facing offices in California, a key step in its national expansion. The firm now employs over 150 professionals across 16 offices in 12 states, following a string of deals including three deals totaling more than $500 million announced in December 2024 and the $1.4 billion Petso Financial Consultants acquisition in Idaho in October 2024.