Modern Wealth Buys $1.2B Retirement Business

Modern Wealth Management, a Monterey, CA-based registered investment advisory firm launched in early 2023 by former Goldman Sachs and United Capital executives, has made its sixth deal in under a year.

The firm acquired Rochester, NY-based Beltz Ianni & Associates, a corporate retirement planning and individual wealth management firm with more than $1.2 billion in assets. As part of this transaction, Beltz Ianni has dropped its broker-dealer affiliation with LPL Financial and is now a part of Modern Wealth’s independent RIA.

Financial terms of the transaction were not disclosed.

Following the close on March 1, Beltz Ianni adopted the Modern Wealth brand. The 12-person Beltz Ianni team has transitioned to Modern Wealth, while continuing to serve its client base of small-to-midsize businesses, individuals and families.

“Joining Modern Wealth will enable our team to leverage its breadth of resources to broaden and scale our retirement plan advisory services,” said Michelle Cannan, who joins Modern Wealth as managing director and head of company retirement plan services.

Beltz Ianni manages over $700 million in retirement plan assets for over 100 companies. Additionally, the firm has nearly $500 million in assets through its individual investor business lines.

The addition of Beltz Ianni will drive the launch of corporate retirement planning services at Modern Wealth and broaden its wealth management offerings to include the hybrid RIA’s insurance services, investment management capabilities and individual retirement planning services. The company added it will have more than $3 billion under management following the acquisition.

Modern Wealth expects to make additional acquisition announcements in the coming months.