Less than a year after entering the scene, national RIA firm Modern Wealth Management has made a significant stride as it expands into a new regional market. The RIA announced its acquisition of Beltz Ianni & Associates, a Rochester, New York-based firm specializing in corporate retirement planning and individual wealth management.
The deal marks a substantial win for Modern Wealth as it scoops up a book of assets exceeding $1.2 billion from LPL Financial, Beltz Ianni’s former broker-dealer firm, and broadens its geographical footprint into the Eastern US.
The firm has snapped up a practice offering retirement planning services – including a “Total Retirement Plan Management” solution offer by Beltz Ianni – to small and midsize businesses in western New York.
The practice also offers other retirement plan services such as fiduciary risk management, fee benchmarking, retirement vendor selection, and employee education resources.
“Joining Modern Wealth will enable our team to leverage its breadth of resources to broaden and scale our retirement plan advisory services,” said Michelle Cannan, who will serve as managing director and head of company retirement plan services at the firm.
Beltz Ianni, which has focused on comprehensive retirement planning and investment management since 2001, manages over $700 million in retirement plan assets for more than 100 companies, as well as $500 million in assets from its brokerage and fee-based individual wealth business.
“The acquisition of Beltz Ianni not only enables our firm to serve the retirement plan management and administration needs of our business owner clients, but we’ve also added several new personal wealth management team members,” Jason Gordo, co-founder and president of Modern Wealth, said in a statement.
“We're thrilled to join a firm dedicated to empowering advisors to serve clients in a fiduciary capacity and build customized plans to meet their unique financial needs,” said Kyle Dunn, who will be a managing director and executive financial advisor at Modern Wealth.
Modern Wealth’s deal to scoop up Beltz Ianni follows its October acquisition of Martin James Investment & Tax Management, a practice led by a father-son duo in Indiana.
It’s also the most sizable transaction since Modern Wealth’s first deal last April for Barber Financial Group and its $1.5 billion in client assets.
Wealth Consulting Group, Coastline and Maridea report fresh capital, acquisitions and asset growth as advisor M&A keeps climbing
Carson Group's Dani Fava, Jason Pereira of Woodgate Financial, and Sally George of Convergency Partners led the raise as the growth-tech startup builds out its AI platform and leadership bench.
New teams from William Blair, Ameriprise and UBS bring more than $560 million in combined client assets to the firm's employee and independent channels.
Regulators this year approved UBS Bank USA’s conversion to a nationally chartered bank.
How a subprime lender’s car-loan bonds allegedly unraveled before bankruptcy.
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
