RIA Modern Wealth Management on Tuesday announced that it acquired the assets of advisory firm OFM Wealth in the Chicago suburb of Orland Park, Illinois, in a deal that enables Modern Wealth to enter the Chicago market for the first time.
The acquisition, which adds $310 million in assets under management (AUM) and a team of six professionals to Modern Wealth, boosts its total AUM to more than $7.5 billion and represents its 16th acquisition since launching in April 2023, the firm said.
Jason Gordo, Co-Founder and President of Modern Wealth, told WSR that the deal closed on April 25.
“Our acquisition strategy has been intentional and focused since day one; we’ve prioritized firms that align with our culture, fit with our business model and have a clear ambition to grow – qualities we immediately recognized in the team at OFM Wealth,” Gordo said in a news release.
“Establishing a presence in Chicago gives us a foothold in all major regions of the country,” according to Gordo. “Bringing OFM Wealth into the Modern Wealth family accelerates our growth and further cements our nationwide presence.”
OFM, an RIA founded in 1981 by President and Senior Wealth Manager Sam Ogrizovich, is a fee-only, independent firm offering financial planning, investment management, tax, estate and retirement planning, according to Modern Wealth. It serves over 175 households, working with multigenerational families, business owners, pre-retirees and retirees, Modern Wealth said.
“Modern Wealth stood out in its alignment with the way we approach comprehensive wealth management,” according to Ogrizovich, who joins Modern Wealth as Managing Director and Advisor. “As our team and clients integrate into Modern Wealth, we’re looking forward to leveraging the added depth of services, centralized support and the enhanced ability to focus more fully on client relationships.”
Modern Wealth launched with an equity investment from Crestview Partners. With the latest transaction, Modern Wealth has established a presence in 13 states and grown its network to 18 client-facing offices, it said, with over 50 financial advisors and 150 other professionals.
The firm said it finalized an acquisition of Campbell, California-based Wade Financial Advisory in late March and at that time expected to close on the purchase of Planned Asset Management in Calabasas, California, this month.
As part of a strategy to build a “strong national footprint, the firm has entered key regions in the West, Pacific Northwest and South, while also deepening its presence in the Midwest and Northeast,” Modern Wealth said.
The firm’s strategic acquisitions have allowed Modern Wealth to “broaden its service offerings and reinforce its commitment to comprehensive wealth management, including financial planning, tax planning, estate planning and investment management,” the firm said.
“We’ve averaged 8 deals per year, and that’s a cadence we believe we can sustain in the years to come.”
– Jason Gordo, Co-Founder & President, Modern Wealth
Asked by WSR what the firm’s M&A plans are for this year, Gordo said: “Since we launched the business in 2023, we’ve averaged 8 deals per year, and that’s a cadence we believe we can sustain in the years to come. However, it’s important to note that we remain selective in our acquisition process, and we are not in business to simply grab assets. We’re focused on identifying and integrating firms that align with our cultural values and operational standards, while simultaneously enhancing internal capabilities and broadening our footprint nationwide.”
Modern Wealth also provides advisors with its “Organic Growth Hub,” a platform to help advisors scale their practices, through lead generation, distribution, client onboarding, marketing, technology, compliance, human resources and operational support.
OFM was represented in the transaction by DeVoe & Company.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
