Independence Advisors, a Wayne, Pennsylvania, registered investment adviser managing $1.3 billion, has merged into Modera Wealth Management, a Westwood, New Jersey-based RIA managing $3.1 billion.
The combined entity has more than 1,900 clients and operates offices in Massachusetts, Georgia, North Carolina, and Florida in addition to New Jersey and Pennsylvania.
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Independence Advisors principals Charles Boinske, Mark Rioboli and Patrick Runyen will continue as principals of the combined firm, bringing the total number of employee-owners to 20. Tom Orecchio remains Modera’s chief executive.
Simultaneous with the acquisition, TRIA Capital Partners closed on an undisclosed investment in Modera as a non-control, minority equity partner.
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Quarterly analysis of retirement accounts highlights positive behavior.
Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.
The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.
“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.
The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.
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