Two wealth management firms are ramping up their growth strategies through acquisitions, collectively adding billions in assets, expanding into new geographies, and strengthening advisory capabilities as consolidation across the sector continues.
Modern Wealth Management enters the Florida market through its acquisition of Legacy Wealth Management, a South Florida-based RIA overseeing approximately $1.2 billion in client assets. The transaction marks the aggregator’s 20th acquisition since its 2023 launch and establishes its first office in the state.
Previously with LPL Financial’s broker-dealer platform, Legacy’s eight-person team including seven financial advisors joins Modern Wealth under the leadership of Tony DuBose and Joel Palatnik as managing directors. The group serves more than 1,400 client families, including business owners and ultra-high-net-worth households.
“If you had asked me three years ago about merging or selling the firm, it would have been a hard no,” said DuBose. “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.”
The deal enhances Modern Wealth’s retirement plan capabilities through the addition of Legacy Retirement Plan Advisors, which manages roughly $300 million in plan assets. It also gives Legacy advisors access to centralized infrastructure, including compliance, HR, marketing, and investment management support, freeing them to focus more on client relationships.
Modern Wealth now manages more than $12 billion in assets across 19 offices nationwide, supported by Crestview Partners, as it continues building a national footprint through acquisitions.
“Tony and Joel’s team exemplifies the type of entrepreneurial, client-focused advisors we are proud to welcome to our firm,” said Jason Gordo, President & Co-Founder of Modern Wealth. “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.”
Meanwhile, Socium Advisors is also scaling up through a merger with another firm in the Northwestern Mutual network.
Amplify Wealth Partners, a Milwaukee-based firm with $1.6 billion in client assets, brings Socium’s total assets to $4.3 billion and marks its entry into Wisconsin.
The combination adds 26 professionals to Socium, including five new partners - Jerod Spaeth, Lauren (Peter) Lanigan, Andrew Hoy, Andrew Hunn, and Christopher Young - bringing the firm’s total headcount to 86.
“We are thrilled to welcome Amplify Wealth Partners to our firm as we continue our strategic growth and expand our reach into more states,” said Scott Underwood, founder and CEO of Socium Advisors. “With Amplify, we have found a partner that shares our values and commitment to impeccable service. Jerod has built an incredible team, with an array of sophisticated clients and an impressive group benefits and retirement plan business in the Milwaukee area.”
Amplify, founded by Jerod Spaeth, has developed a strong niche in serving high-net-worth clients and employer-sponsored retirement plans. That expertise is expected to bolster Socium’s capabilities in the qualified plan and group benefits space, where the combined firm now supports nearly 45,000 employees nationwide.
Socium’s latest move caps a period of rapid expansion, with assets growing from $500 million in 2020 to more than $4.3 billion following the deal.
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