RIA Modern Wealth Management finalized an acquisition of Campbell, California-based Wade Financial Advisory in late March and expects to close on the purchase of Planned Asset Management in Calabasas, California, this month.
The transactions will help the RIA’s expansion in that state and increase its assets under management (AUM) to over $7 billion, it said.
The deals represent the 14th and 15th transactions that Monterey, California-based Modern Wealth has announced to date.
“These acquisitions represent a meaningful step forward on multiple fronts as Modern Wealth expands its footprint, adds top-tier talent and deepens its service offerings,” said Jason Gordo, the RIA’s Co-Founder and President.
The addition of the two firms will allow Modern Wealth to “establish our first client-facing offices in California and mark the next phase of our national expansion,” Gordo said in a news release.
Wade Financial is a fee-only financial planning firm with a tax planning and preparation business that Modern Wealth said “integrates taxes, equity compensation, investments, risk management, real estate, retirement and estate planning.”
Founded by Rodney Wade, Wade Financial manages over $700 million in assets and serves more than 250 households in the greater Silicon Valley area, including technology entrepreneurs, professionals, executives and multigenerational families.
As part of the deal, Wade has joined Modern Wealth as Managing Director.
Wade Financial’s tax planning business will be integrated into Modern Wealth’s established tax platform, while Neelesh Champaneri, who served as Chief Investment Officer at Wade Financial, is joining Modern Wealth’s investment management team led by Director of Investments Stephen Tuckwood.
“Modern Wealth shares the same commitment to delivering comprehensive, coordinated advice – something that’s often missing when professionals operate in silos,” said Wade.
“We were intentional about finding a firm that aligned culturally and strategically with our client service philosophy, and we found that in Modern Wealth,” according to Wade.
“Their experienced leadership team, long-term vision and integrated approach to tax and financial planning made it clear this was the right fit for us and, importantly, our clients,” Wade added.
Planned Asset Management, founded by Morrie W. Reiff, is an independent advisory firm managing more than $350 million in assets that offers comprehensive financial planning and investment management services to more than 200 households, including individuals, families, small business owners, corporations and charitable trusts, Modern Wealth said.
The 40 year-old firm “pursued an acquisition to Modern Wealth to facilitate its leadership succession plan” to Reiff’s daughter, Jamie Reiff, who is joining Modern Wealth as Managing Director, it said.
“Over the past decade, our firm has experienced significant growth, and joining Modern Wealth gives us the ability to accelerate that momentum and expand our capacity to serve more clients,” she said.
She added, “With access to a dedicated back-office and operational support, we’re able to deliver an even higher level of service and meet the financial needs of more families across the country. Modern will also empower me to regain valuable time to focus on what I enjoy most, which is serving my clients.”
By joining Modern Wealth, the two firms will get access to an “even more robust wealth management platform that enhances their ability to serve clients with integrated offerings such as financial planning, tax planning and preparation, estate planning, investment management and more,” it said.
The firms can also supplement their expansion plans with the help of Modern Wealth’s “Organic Growth Hub,” which it said offers comprehensive strategies for lead generation, distribution and client onboarding, along with business support resources across marketing, technology, compliance, human resources and operations.
The addition of Wade Financial will “bolster our tax and investment management capabilities, while Planned Asset Management gains the operational, technological and administrative support needed to scale their client service,” according to Gordo.
After the closing of the transactions, Wade Financial’s and Planned Asset Management’s respective teams of 13 and seven financial professionals will join Modern Wealth and adopt the Modern Wealth brand, it said.
Derek Bruton of Gladstone Associates advised on the transaction involving Planned Asset Management.
“Gladstone Associates facilitated the introduction for Planned Asset Management, and Wade Financial was self-sourced by Modern Wealth,” a Modern Wealth spokesperson told WSR.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
