Denver-based $1 billion advisory team Brown and Company has joined Modern Wealth Management, becoming the second LPL affiliate to be acquired by the RIA this month as it enters Colorado and passes $13 billion in total assets under management.
Brown & Company’s transition from the independent broker-dealer is viewed as part of a succession plan for Mark Brown, who founded his practice in 1988 and is now a managing director at Modern Wealth. Brown & Company’s eight-person team also includes advisors Danielle Berz, Justin Cassida, and Jonathan Kuiter.
“They were looking for the right home, the right fit that would support their succession plan of Mark at some point not being with the firm, but relying on Danielle, Justin and Jonathan to be the real leadership in that office. And they were looking for a firm that would help them do that,” Modern Wealth president and co-founder Jason Gordo told InvestmentNews.
“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,” said Brown. “Modern Wealth stood out for its culture, capabilities and long-term vision."
Another LPL affiliate, Legacy Wealth Management managing $1.2 billion in client assets, exited the broker-dealer earlier this month to join Modern Wealth as its first team based in Florida. Brown & Company marks the 21st overall acquisition for Modern Wealth Management since it was founded in 2023 by former Goldman Sachs and United Capital executives with $200 million in private equity backing from Crestview Partners.
“I think you're starting to see quite a bit of interest in the RIA space from those advisors that have historically been in an IBD [independent broker-dealer] relationship, or had their own RIA but they were using the backbone of an IBD platform,” said Gordo. “I think what they're learning is there's a lot more freedom, flexibility, and entrepreneurial pursuit. They can offer more things to clients, like tax and estate planning and different investment platforms, much bigger investment management menus.”
M&A advisory firm Alaris Acquisitions worked with Brown & Company during their sale process. Modern Wealth now has about 20 office locations across the U.S. with dual headquarters in Monterey, Calif., and Lenexa, Kan. Gordo mentioned plans for further Modern Wealth expansion targets in Florida, Texas, the Pacific Northwest, Upper Midwest, and Northeast.
“I think it's the larger firms in those broker dealer environments that are really starting to pick their heads up and look around the rest of the industry and understand what their options are,” added Gordo. “[Advisor teams] around $1 billion, we love the size. It makes an impact on us and our business. At $13 billion, you bring a billion dollars and you have a lot of attention from our management team and the founders, we really lean in.”
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