Modern Wealth Management Adds $290M Firm in California

Modern Wealth Management has acquired a California-based wealth management firm, which oversees $290 million in assets under management.   

Auburn, CA-based AWA Wealth Management, established in 1994 by president Derrick Andrews, provides financial planning, investment management, tax and estate planning and business coordination for multi-generational families and business owners. 

The team includes lead advisor Grant Andrews, director of operations Toni Farkas, client services manager T.J. Peterson, and relationship manager Chelsea Bailey. 

As part of the acquisition, AWA Wealth will gain access to additional resources from Modern Wealth, including tax capabilities, retirement plan and portfolio management resources. 

Additionally, AWA Wealth will continue to provide financial services to clients in Auburn and Redding, California, the RIA stated. 

“Modern Wealth’s approach to financial planning and advice aligns closely with the firm that we’ve built over the past 32 years,” Andrews said. “It also gives me greater capacity to focus on clients, develop the next generation of our team and put the firm on a stronger path for long-term succession.” 

Additionally, AWA Wealth marks the RIA’s sixth acquisition this year, following its acquisition of Jacksonville, FL-based Sanchez Wealth Management Group, which added $710 million in assets to Modern Wealth. 

Lenexa, KS-based Modern Wealth Management, which launched in April 2023, has over $16 billion in assets under management and has completed 24 acquisitions overall. The firm is backed by $200 million in equity financing from Crestview Partners. 

Pictured: Derrick Andrews