Modern Wealth Management has acquired Flaharty Asset Management, a wealth management firm based in Clearwater, Florida, with about $1.1bn in advisory and brokerage assets.
Financial terms of the deal remain undisclosed.
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Flaharty, led by Shon Flaharty and Hunter Orr, is joining Modern Wealth with a team of 18 people, including nine advisers.
Shon Flaharty said: “For nearly two decades, we have focused on building a firm that cares deeply about the people we serve and the people we work alongside.
“As our business has grown, we knew the next chapter required a partner that could help us preserve that culture while continuing to evolve. Modern Wealth understands what makes our firm different and shares our belief that great advice is about much more than investment management alone.”
The business operates from Clearwater and Punta Gorda in Florida.
The deal adds to Modern Wealth’s operations in Florida, which the company has identified as an important market as it continues to develop regional offices in selected locations across the US.
After Modern Wealth’s April purchase of Legacy Wealth Management in South Florida, the Flaharty transaction gives it a base in the Greater Tampa Bay/Clearwater area and adds to its presence in the Southeast.
Under Modern Wealth, the Flaharty team will be able to use an integrated platform with central support in marketing, technology, compliance, human resources and operations, along with in house services covering financial planning, investment management, tax planning and preparation, estate planning and retirement plan management.
The team will also be able to use Modern Wealth’s Organic Growth Hub, where specialist teams identify, assess and develop potential client relationships before referring them to advisers.
Modern Wealth president and co-founder Jason Gordo commented: “Florida is an important growth market for Modern Wealth, but this acquisition is about much more than geography.
“Shon, Hunter and their team have built a remarkable business around care, trust and a highly human approach to advice. Their model aligns closely with where we believe the industry is headed, and we see a meaningful opportunity to bring elements of their client experience to advisors across our broader platform.”
Flaharty is the 22nd acquisition completed by Modern Wealth and comes after the recent addition of Brown and Company in Colorado. Modern Wealth said it now oversees more than $14bn in assets across 20 offices nationwide.
