Modern Wealth Management—a registered investment advisory (RIA) firm founded to meet financial professionals’ and clients’ evolving needs—announced an asset purchase agreement with Chicago-based OFM Wealth. This deal propels Modern Wealth’s assets under management (AUM) to over $7.5 billion and marks the firm’s 16th acquisition since its launch in April 2023.
Background info about OFM: Founded in 1981 by Sam Ogrizovich, CFP, OFM Wealth is a fee-only independent wealth management firm offering services like financial planning, investment management, tax, estate, and retirement planning. And OFM Wealth serves over 175 households across Chicago and beyond, working with clients spanning various stages of life, including multigenerational families, business owners, pre-retirees, retirees, etc. OFM Wealth joins Modern Wealth with a team of six professionals, several of whom hold the CFP designation.
Backed by $200 million in equity financing from Crestview Partners, Modern Wealth joined the marketplace in April 2023 to acquire high-growth RIAs nationwide and build an integrated, holistic wealth management platform. And with this latest deal, Modern Wealth has acquired 16 firms, established a presence in 13 states, and grown its network to 18 client-facing offices. As part of its strategy to build a strong national footprint, the firm has entered key regions in the West, the Pacific Northwest, and the South, deepening its presence in the Midwest and Northeast.
These deals have also allowed Modern Wealth to broaden its service offerings and reinforce its commitment to comprehensive wealth management, including financial planning, tax planning, estate planning and investment management. And to deliver on this platform, the firm employs a team-based model anchored by specialists like CFP professionals, CFAs, CPAs, estate planners, and risk managers. The firm’s growing network includes over 50 financial advisors and 150 other professionals.
Modern Wealth also complements its inorganic growth strategy through the continued development of its “Organic Growth Hub,” a dedicated platform to help advisors scale their practices. And the “Hub” equips advisors within the Modern Wealth ecosystem with comprehensive strategies for lead generation, distribution and client onboarding, and marketing, technology, compliance, human resources and operational support. Through this deal, OFM Wealth gains access to Modern Wealth’s expanded wealth management platform and business support resources, enabling the potential for faster growth in Chicago and beyond.
Advisor: OFM Wealth was represented by DeVoe & Company, a leading consulting firm and investment bank to RIAs.
KEY QUOTES:
“Our acquisition strategy has been intentional and focused since day one; we’ve prioritized firms that align with our culture, fit with our business model and have a clear ambition to grow – qualities we immediately recognized in the team at OFM Wealth. Establishing a presence in Chicago gives us a foothold in all major regions of the country. Bringing OFM Wealth into the Modern Wealth family accelerates our growth and further cements our nationwide presence.”
Jason Gordo, Co-founder and President of Modern Wealth
“Modern Wealth stood out in its alignment with the way we approach comprehensive wealth management. While many firms focus on just one aspect of a client’s financial life, Modern Wealth is committed to looking at the whole picture. As our team and clients integrate into Modern Wealth, we’re looking forward to leveraging the added depth of services, centralized support and the enhanced ability to focus more fully on client relationships.”
Sam Ogrizovich, who joins Modern Wealth as Managing Director
