Modern Wealth is celebrating a double milestone as its largest-ever acquisition gives it a foothold into an entirely new geographic market in the US.
On Thursday, the fast-growing national RIA announced the acquisition of Petso Financial Consultants, a Boise-based registered investment advisory firm with approximately $1.4 billion in AUM.
The deal marks Modern Wealth’s eleventh acquisition since its launch and the sixth of this year, bringing its total AUM to over $6 billion. This transaction also marks the firm’s first expansion into the Pacific Northwest, supporting its broader strategy for national expansion.
Petso Financial, founded in 2001 by David Petso, provides a range of fee-only advisory services, including wealth management, estate planning, and retirement income planning. The firm’s holistic approach has attracted a significant client base, consisting of both individual and corporate clients.
In a statement, Petso described the partnership as "a unique opportunity that aligned well with [Petso Financial's] rapid client growth.
"It wasn’t about stepping into a plug-and-play firm; it was about joining a dynamic, fast-growing team where we could be an integral part of the journey,” said Petso, who will serve as managing director at Modern Wealth. “With Modern Wealth's experienced leadership team, extensive business support infrastructure and commitment to a team-based advisor model, we are well-positioned to drive future growth and further enhance our client experiences.”
Petso Financial’s 10-person team will continue to serve its clients, leveraging Modern Wealth’s Organic Growth Hub for lead generation, client onboarding, and other advisor support services. By offloading day-to-day business management tasks like accounting and compliance to Modern Wealth, the new advisor team can also focus more on client service.
“By acquiring high-growth firms that share our commitment to delivering comprehensive financial advice, we continue strengthening our team’s ability to serve clients across the country,” said Jason Gordo, co-founder and president of Modern Wealth.
Modern Wealth now operates 14 client-facing offices across 11 states – including its July acquisition of Knoxville-based C&J Wealth and a $570 million plus AUM double deal in May – with a presence in key regions including the East Coast, Midwest, South, and Pacific Northwest.
The firm anticipates further acquisitions by the end of the year.
Mercer, Focus Partners Wealth, Mariner, Creative Planning and Captrust top the leaderboard tracking AI search results for RIA firms.
"We believe this model will help younger investors – and any investors who value a hybrid advice experience,” said Ryan Robson, principal at Edward Jones.
Conte Wealth Advisors reportedly has $1.4 billion in client assets and 20 advisors.
The Cleveland-based RIA's latest tie-up extends the firm's national footprint into the Golden State, where opinions continue to be split over a contentious billionaire wealth tax proposal.
Meanwhile, Cetera has welcomed a family-run practice from Commonwealth, and a Merrill advisor joins an existing UBS team in Connecticut.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
