Modern Wealth Management announced it has entered the Florida market through the acquisition of Legacy Wealth Management, a South Florida-based advisory firm overseeing approximately $1.2 billion in client assets. The transaction marks Modern Wealth’s 20th acquisition since its launch in April 2023 and establishes its first office in the state.
Legacy Wealth Management, led by Tony DuBose and Joel Palatnik, transitions from its prior broker-dealer affiliation with LPL Financial to become part of Modern Wealth’s independent registered investment advisory platform. The eight-person team, including seven financial advisors, will adopt the Modern Wealth brand and continue serving more than 1,400 client families spanning mass affluent to ultra-high-net-worth segments.
The acquisition also includes Legacy Retirement Plan Advisors, a business managing approximately $300 million in retirement plan assets. This division will integrate into Modern Wealth’s retirement plan consulting team, expanding the firm’s capabilities in that segment.
Modern Wealth said the deal enables Legacy advisors to shift operational responsibilities such as investment management, compliance, HR, and payroll to the broader platform, allowing them to focus more on client relationships. The Legacy team will also gain access to Modern Wealth’s centralized infrastructure, including technology, marketing, and lead generation resources, as well as internal programs supporting advisor development.
Backed by Crestview Partners, Modern Wealth has grown rapidly since its founding, now managing more than $12 billion in assets across 19 offices nationwide. The firm continues to pursue a strategy of acquiring high-growth RIAs to build a national wealth management platform.
The Legacy acquisition represents a key step in expanding Modern Wealth’s presence in the Southeast and advancing its broader national growth strategy.
KEY QUOTES:
“If you had asked me three years ago about merging or selling the firm, it would have been a hard no. But that all changed when we met the leadership team at Modern Wealth. From the start, they treated this not as a transaction, but as the next phase of growth for our firm, our clients, and our team. Their high level of execution, shared values and commitment to a long-term vision made them the perfect fit—especially as they expand their footprint here in Florida.”
Tony DuBose, Managing Director, Modern Wealth Management
“Joining Modern Wealth gives us the ability to scale without losing the culture that defines our firm, and to pursue growth without compromising the client relationships we’ve built over decades. With the right infrastructure in place, we see a meaningful opportunity to expand both our wealth and retirement businesses while continuing to deliver the personalized advice our clients expect.”
Joel Palatnik, Managing Director, Modern Wealth Management
“Tony and Joel’s team exemplifies the type of entrepreneurial, client-focused advisors we are proud to welcome to our firm. Their experience, client relationships and expertise in retirement plans strengthen our platform and support our expansion in the Southeast as we continue to build a national presence.”
Jason Gordo, President & Co-Founder, Modern Wealth Management
“When we partnered with the Modern Wealth team in 2023, we were confident that they had a vision to build a differentiated firm in the rapidly changing RIA industry. We are thrilled with how the business has grown over the last three years. To date, the team has executed that vision through 20 acquisitions with acumen and discipline, building a national platform that empowers advisors and seeks to deliver value to its clients. I believe the acquisition of Legacy and expansion into the Florida market represent important milestones in the growth and expansion of the business.”
Dan Kilpatrick, Partner and Head of Financial Services, Crestview Partners
