RIA Modern Wealth Management announced Thursday that it acquired Boise, Idaho-based Petso Financial Consultants, a fee-only financial advisory firm with about $1.4 billion in assets under management (AUM).
The deal, Modern Wealth’s sixth this year and 11th since it was founded last year, closed on Friday and allows the firm to surpass $6 billion in AUM and expand into the Pacific Northwest region, it said.
Modern Wealth now operates 14 client-facing offices in 11 states, with a presence in the East, Midwest, South and Pacific Northwest.
“Expanding into the Pacific Northwest region represents a key step in our broader national strategy,” according to Jason Gordo, Co-Founder and President of Modern Wealth.
“Modern Wealth anticipates making additional acquisition announcements through the end of the year and into 2025,” a spokesperson for the firm told Wealth Solutions Report.
The firm is “eyeing new regions and large cities, especially in the Western and PNW regions, for further national expansion,” the spokesperson added.
Petso Financial was founded in 2001 by David Petso and offers investment management, financial planning, estate planning and retirement income planning for individuals and corporate clients.
As part of the transaction, Petso Financial’s 10-person team joined Modern Wealth and Petso is serving as Managing Director of Modern Wealth.
The asset purchase transaction was “guided by” the Alaris Acquisitions Deal Advocacy process, according to a news release.
“Joining Modern Wealth presented a unique opportunity that aligned well with Petso’s rapid client growth,” said Petso. “It wasn’t about stepping into a plug-and-play firm; it was about joining a dynamic, fast-growing team where we could be an integral part of the journey.”
Petso added: “With Modern Wealth’s experienced leadership team, extensive business support infrastructure and commitment to a team-based advisor model, we are well-positioned to drive future growth and further enhance our client experiences.”
Petso Financial’s team is “eager to continue expanding its client base by leveraging Modern Wealth’s Organic Growth Hub, a platform focused on lead generation, distribution and client onboarding for advisors,” Modern Wealth said.
“By acquiring high-growth firms that share our commitment to delivering comprehensive financial advice, we continue strengthening our team’s ability to serve clients across the country,” said Gordo. “David, Jennifer [Stone] and the full team at Petso Financial have built an incredible business in Boise, with an exemplary approach to client service, culture and growth that is closely aligned with Modern Wealth.”
“We engaged in extensive discussions with the Petso and Modern Wealth teams, and it was clear that the alignment between the two firms was remarkable,” said Allen Darby, CEO of Alaris Acquisitions. “We expect great things from this union.”
Modern Wealth’s other recent acquisitions included Beltz Ianni & Associates in March to launch its retirement plan advisory business; Wealth Management Solutions and Autumn Wind Asset Management in May to strengthen its East Coast presence by expanding into the Washington, D.C. and Philadelphia metro areas; and Knoxville, Tennessee-based C&J Wealth in June to break into the South, it said.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.
