Modern Wealth Management announced Wednesday that it acquired Flaharty Asset Management, a Clearwater, Florida-based advisory firm in the Greater Tampa Bay area managing about $1.1 billion in advisory and brokerage assets.
Flaharty had been an affiliate of LPL Financial prior to Modern Wealth’s acquisition, according to FINRA’s BrokerCheck website.
The transaction, Modern Wealth’s fourth announced acquisition overall and second Florida firm acquisition so far this year, closed on Friday, Jason Gordo, President and Co-Founder of Modern Wealth Management, told Wealth Solutions Report by email.
Flaharty Asset Management was led by Shon Flaharty, its CEO and President, and Hunter Orr, its Chief Investment Officer, who join Modern Wealth as Managing Directors.
The 18-person Flaharty team includes nine financial advisors, who serve clients from offices in Clearwater and Punta Gorda, Florida, according to Modern Wealth.
“For nearly two decades, we have focused on building a firm that cares deeply about the people we serve and the people we work alongside,” Flaharty said in a news release. “As our business has grown, we knew the next chapter required a partner that could help us preserve that culture while continuing to evolve.”
Flaharty added, “Modern Wealth understands what makes our firm different and shares our belief that great advice is about much more than investment management alone.”
“Our objective has always been to grow the right way, with the right clients and without losing the culture that got us here,” according to Orr.
“Modern Wealth gives us additional capacity to expand the work we believe matters most — helping each client build a financial blueprint that reflects their goals, risks, family dynamics and priorities,” Orr said in the news release.
“Florida is an important growth market for Modern Wealth, but this acquisition is about much more than geography,” Gordo said in the news release. “Shon, Hunter and their team have built a remarkable business around care, trust and a highly human approach to advice.”
Gordo added, “Their model aligns closely with where we believe the industry is headed, and we see a meaningful opportunity to bring elements of their client experience to advisors across our broader platform.”
Flaharty is Modern Wealth’s 22nd acquisition to date.
Flaharty is Modern Wealth’s 22nd acquisition to date and follows its recent addition of Brown and Company in Colorado, announced April 22.
Earlier in April, Modern Wealth announced that it entered the Florida market with its acquisition of Legacy Wealth Management, a Plantation, Florida-based advisory firm that, like Flaharty, was an affiliate of LPL Financial, managing about $1.2 billion in client assets.
The first deal announced by Modern Wealth this year, in January, was an asset purchase agreement with a Rochester, New York-based advisory practice led by Craig Houck. That transaction added a four-person advisory team to Modern Wealth’s Rochester office, with Houck becoming Managing Director.
“The firm expects to maintain a steady pace of strategic acquisitions, anticipating five to eight additional transactions through the remainder of the year,” Gordo told WSR on Tuesday.
He concluded, “Modern Wealth is continuously exploring potential M&A deals. Looking ahead, Modern Wealth Management anticipates substantial growth, positioning itself to be significantly larger through organic growth, continued M&A, talent acquisition and platform development.”
Modern Wealth manages over $14 billion in assets across 20 offices, it said.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
