Modern Wealth Management Acquires $1.1B PSF Financial/Galloway
Modern Wealth Management has added Mesa, AZ-based Public Safety Financial/Galloway, a registered investment advisor with $1.1 billion in assets under management.
Public Safety Financial/Galloway, founded in 2006 by Mike Galloway, a Marine Corps veteran and former police lieutenant, is a division of Modern Wealth that serves more than 3,000 police officers, firefighters, government employees, and military veterans across over 100 police and fire departments.
PSF/Galloway brings a 42-person team to Modern Wealth and offers retirement planning, investment management, and financial wellness services, and works with pensions and multiple retirement plans, including deferred retirement option plans and survivor assistance.
Following the acquisition, Modern Wealth expects to maintain its public service division and has launched a practice called Public Safety Financial, with Galloway assuming the role of managing director.
Modern Wealth’s latest addition marks the firm’s fifth acquisition of the year and is part of the firm’s second “Organic Growth Hub” and advisor support center, which will provide support to the greater Phoenix area. The firm’s first growth hub is based in Kansas City and helps advisors with lead generation, distribution, and client onboarding, technology support, and marketing.
Modern Wealth says the acquisition marks a “powerful engine” for the firm to provide and expand its “specialized” services tailored to serving the public safety community across the country.
“Our philosophy has always been to ‘commit to serving others,’ and we’re honored to serve first responders,” Galloway said. “By combining our services with Modern Wealth’s national scale, we can expand our mission to serve public safety families nationwide.”
In July, Modern Wealth added El Segundo, CA-based Kaye Capital Management, which manages $700 million in client assets, bolstering the firm’s presence in the Los Angeles area.
Modern Wealth, which launched in April 2023, is backed by $200 million in equity financing from Crestview Partners and has over $10 billion in assets, the firm said.