Modern Wealth Management, a registered investment advisory (RIA) firm created to meet financial professionals’ and clients’ evolving needs, announced two asset purchase agreements to power its expansion in California and drive its assets under management (AUM) to over $7 billion.
The firm finalized the acquisition of Wade Financial Advisory and expects to close on acquiring Planned Asset Management in the coming weeks.
Wade Financial (based in Campbell, California) is a fee-only financial planning firm with a tax planning and preparation business that integrates taxes, equity compensation, investments, risk management, real estate, retirement, and estate planning. The firm manages over $700 million in assets and serves over 250 households in the greater Silicon Valley area, including technology entrepreneurs, professionals, executives, and multigenerational families.
Wade Financial’s tax planning business will be integrated into Modern Wealth’s established tax platform, while Neelesh Champaneri, CFA, CAIA, CFP, will join the firm’s investment management team, led by Director of Investments Stephen Tuckwood, CFA.
Planned Asset Management (based in Calabasas, California) is an independent advisory firm that provides comprehensive financial planning and investment management services to over 200 households, including individuals, families, small business owners, corporations and charitable trusts across the country. Founded by Morrie W. Reiff, CFP, and now managing over $350 million in assets, the 40-year-old firm pursued an acquisition to Modern Wealth to facilitate its leadership succession plan to Reiff’s daughter, Jamie Reiff.
By joining Modern Wealth, Wade Financial and Planned Asset Management gain 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.
Following these deals, Wade Financial and Planned Asset Management will onboard their respective teams of 13 and 7 financial professionals and fully adopt the Modern Wealth brand. Derek Bruton of Gladstone Associates advised on the transaction involving Planned Asset Management.
KEY QUOTES:
“Modern Wealth shares the same commitment to delivering comprehensive, coordinated advice – something that’s often missing when professionals operate in silos. We were intentional about finding a firm that aligned culturally and strategically with our client service philosophy, and we found that in Modern Wealth. 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.”
- Rodney Wade, CFP, AIF, EA, Wade Financial’s founder, who joins Modern Wealth as Managing Director
“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. 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.”
- Jamie Reiff, who joins Modern Wealth as Managing Director
“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. These exceptional firms allow us to establish our first client-facing offices in California and mark the next phase of our national expansion. 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.”
- Jason Gordo, Co-Founder and President of Modern Wealth
