Modern Wealth Management—a registered investment advisory (RIA) firm founded to meet the evolving needs of today’s financial professionals and their clients—announced the acquisition of Boise, Idaho-based Petso Financial Consultants, a fee-only financial advisory firm with about $1.4 billion in assets under management (AUM). This deal is Modern Wealth’s eleventh acquisition to date and its sixth of the year, bringing its total AUM to over $6 billion.
Launched in 2001 by David Petso, CFP, Petso Financial is an independent advisory firm that provides holistic wealth management and financial planning services. Multiple advisors at the firm are CFP Professionals, reflecting its commitment to client-focused service and personalized financial guidance. Petso Financial’s client experience includes investment management, financial planning, estate planning, and retirement income planning for individual and corporate clients.
Petso Financial’s entire 10-person 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’s accounting, compliance, technology, human resources, and operations teams enable advisors to prioritize client service while offloading day-to-day business management activities.
Following the recent acquisition of Knoxville, Tennessee-based C&J Wealth Advisors via an asset purchase, Modern Wealth now operates 14 client-facing offices across 11 states, with a presence in the Eastern, Midwest, Southern and Pacific Northwest regions. Committed to expanding its network of high-growth RIAs nationwide, Modern Wealth expects to pursue additional acquisitions through year-end.
The Alaris Acquisitions Deal Advocacy process guided this asset purchase deal.
KEY QUOTES:
“Joining Modern Wealth presented a unique opportunity that aligned well with Petso’s rapid client growth. 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. 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.”
– David Petso, who joins Modern Wealth as managing director
“Expanding into the Pacific Northwest region represents a key step in our broader national strategy. 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. 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.”
– Jason Gordo, co-founder and president of 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. Our approach goes beyond initial valuation. By aligning Petso and Modern Wealth across multiple data points, we could see that the cultural fit was a home run. We expect great things from this union.”
– Allen Darby, chief executive of Alaris Acquisitions
