OnePoint BFG Wealth Partners and Modern Wealth Management have extended their respective Southeast footprints this week, adding experienced veteran-led teams in what's figuratively and literally one of the hottest wealth markets in the US.
OnePoint BFG, the Parsippany, New Jersey-based fiduciary wealth manager formerly known as Bleakley Financial Group, said it has added Tampa-based Bast Financial Group.
The seven-person team led by founder Rebecca Bast brings roughly $400 million in client assets to the growth-oriented RIA backed by Rise Growth Partners, the privately held strategic minority investor founded by Joe Duran.
Bast, started her career in 1994, built her practice around multigenerational wealth transfer work for business owners and executives. Her decades-long record in the industry includes nearly 30 years with Northwestern Mutual, according to her BrokerCheck record. She is joined by advisors Parveen Hall, Daniel George, Taylor McCullough, Elena Madrazo and Jonathan Clifford, along with client service associate Jamie Hayes.
"OnePoint BFG offers the best of both worlds: the freedom and flexibility of an independent firm, combined with the resources, technology and support we need to serve our clients at the highest level," Bast said in a statement announcing the deal Thursday.
OnePoint BFG chief executive Andy Schwartz said the addition reflects a shared planning philosophy between the two firms. "Rebecca and her team share our belief that the best financial advice begins with understanding the person, family and goals behind the numbers," Schwartz said.
The Bast transaction marks the latest move this year for OnePoint BFG, which now reports more than $18 billion in advisory assets managed across the country. It had earlier announced partnerships with Voyage Wealth Architects in February and Armstrong & Sinoff Financial in April, with both teams having previously come from Northwestern Mutual.
Meanwhile, Monterey, California-based Modern Wealth Management said it has acquired Sanchez Wealth Management Group, a Jacksonville firm overseeing nearly $710 million in client assets.
Founder Christen "Chris" Sanchez, who has run the practice for more than 25 years, is joined by his sister, wealth advisor Dawn Nicoles, and wealth advisor Josh Mandelkorn. The team also includes client service associates Alexandria Sanchez and Lindsey Hall, Sanchez's daughter, along with director of operations Jennifer Koeller.
Sanchez had previously been affilated with LPL since 2000, according to his BrokerCheck record with FINRA. He launched his own RIA in 2013, but kept his brokerage registration with LPL, as per his IAPD record with the SEC.
"We built this firm with a simple philosophy: take care of the client first, take care of the team second, and the firm will take care of itself," Sanchez said. He added that joining Modern Wealth would let him spend more time with clients rather than managing back-office infrastructure. "This isn't about stepping away, it's quite the opposite," Sanchez said.
Modern Wealth president and co-founder Jason Gordo said the Jacksonville deal builds on the firm's push into the state. "Jacksonville also represents an important addition to our growing Florida presence, giving us another strong local team as we continue building scale throughout the state and across the country," Gordo said.
Sanchez Wealth is Modern Wealth's third Florida acquisition, following its entry into the state through South Florida-based Legacy Wealth Management and its subsequent expansion into the Tampa Bay area with Flaharty Asset Management, a roughly $1.1 billion practice.
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