Modera Wealth Management – a fee-only comprehensive financial planning firm with $12.5 billion in assets under management (as of September 2024) – announced its acquisition of Bay Point Wealth, a registered investment adviser firm with offices in Annapolis and Stevensville, Maryland, and $467 million in assets under management (as of September 2024).
For 25+ years, Bay Point Wealth has provided personalized, objective advice, fee-only financial planning, and investment management services to high-net-worth individuals and families. And the firm currently has eight employees, including four advisors who specialize in working with successful families, business owners, corporate executives, medical professionals, surviving spouses, and individuals with special needs.
With the firm’s operations increasing and client requirements increasing, Bay Point recognized the need to find a strategic partner to support its existing clients while providing opportunities for an enhanced service offering.
KEY QUOTES:
“As the founder of Bay Point, I unequivocally believe that transitioning our ownership to Modera Wealth is a picture-perfect move. This decision is rooted in our shared values and a mutual commitment to excellence. I am confident that this new chapter will enhance our capabilities and offer our talented team even greater opportunities for development and career advancement. This is a truly transformative step for us, promising continued innovation and improved services for our clients.”
– Bay Point Wealth founder and principal Bill Hufnell
“Bay Point’s leaders share a commitment to a client-first, fiduciary approach that mirrors ours. We are excited to welcome the team to Modera and look forward to collaborating on ways to support the team and add value to their client relationships.”
– Modera CEO Tom Orecchio
