Modern Wealth Management has agreed to acquire the assets of Brown and Company, a Denver-based wealth advisory business that was formerly affiliated with LPL Financial.
Brown and Company manages about $1bn in client assets. The deal gives Modern Wealth an office in Colorado for the first time.
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As part of the deal, all eight employees at Brown and Company will move to Modern Wealth, including leadership team members Danielle Berz, Justin Cassida and Jonathan Kuiter.
Founder Mark Brown will become managing director at Modern Wealth.
Brown said:
“As we considered the future of the firm, it was important to find the right home for our team – one that would support a thoughtful succession plan, preserve the best elements of our firm and help us elevate our capabilities.
“Modern Wealth stood out for its culture, capabilities and long-term vision. Joining them allows us to maintain the consistency and care our clients expect, while enhancing the personalised, high-touch experience that has defined our practice.”
Established in 1988, Brown and Company offers advice on investments and retirement, as well as tax and estate matters and charitable planning.
It also works with business owners and senior corporate employees on executive compensation and exit planning.
The practice serves more than 200 households, including entrepreneurs, executives and high-net-worth clients across the Denver metropolitan area and the wider Rocky Mountain region.
The Brown and Company deal is Modern Wealth’s 21st acquisition overall and its second this year, taking the firm’s total assets under management to more than $13 billion as it opens offices in selected markets across the US.
