Amid a flurry of M&A announcements to start off June, Modern Wealth, Arax, and Waverly have each advanced their respective growth plans with strategic acquisitions on the East Coast.
Modern Wealth Management has entered into an asset purchase agreement with Flaharty Asset Management, a Clearwater, Florida-based holistic wealth management firm overseeing approximately $1.1 billion across advisory and brokerage assets.
Led by Shon Flaharty and Hunter Orr, the Flaharty team comprises 18 professionals, including nine advisors.
The practice operates out of offices in Clearwater and Punta Gorda and has built its model around comprehensive wealth management and what it describes as a highly personalized advice philosophy rooted in the Hawaiian concept of Malama – meaning "to care for."
The deal is Modern Wealth's 22nd acquisition to date and its second in Florida within roughly two months, after its April addition of Brown and Company. The firm completed the purchase of South Florida-based Legacy Wealth Management that same month.
The Flaharty transaction establishes a foothold in the Greater Tampa Bay and Clearwater corridor for Modern Wealth, which now manages more than $14 billion in assets across 20 offices nationwide.
"Florida is an important growth market for Modern Wealth, but this acquisition is about much more than geography," said Jason Gordo, president and co-founder of Modern Wealth. "Shon, Hunter and their team have built a remarkable business around care, trust and a highly human approach to advice."
Flaharty said the decision to join a larger platform came down to cultural fit. "As our business has grown, we knew the next chapter required a partner that could help us preserve that culture while continuing to evolve," he said.
The Flaharty team will gain access to Modern Wealth's centralized support infrastructure – spanning marketing, technology, compliance and operations – as well as in-house capabilities in tax planning, estate planning and retirement plan management, along with its organic growth hub, which sources and qualifies prospective clients before matching them with advisors.
Elsewhere in Florida, Arax Advisory Partners, a national wealth management firm, announced that it had acquired Millares Asset Management, a Coral Gables, Florida-based wealth management and tax advisory practice with more than three decades of operating history.
The deal brings a family-run practice into Arax's partnership network. Co-founder Maria R. Millares joins the firm alongside her sons Ruben, who co-founded the practice, and Javier, who serves as a wealth advisor.
Millares has served individuals, families, businesses, foundations and nonprofits, integrating wealth management, tax strategy and long-term planning into what the firm describes as a 360-degree view of client financial positions.
"Our core goal as a firm is to enhance our clients' quality of life by providing personalized support in service of meeting their unique needs," Maria Millares said. "Joining Arax creates new opportunities for both our team and our clients, allowing us to expand our offerings, grow at scale and augment the client experience."
Haig Ariyan, CEO of Arax, said the firm's reputation in the Miami area was a key draw, pointing to Millares' "thriving practice [built] on a commitment to being communicative and cultivating long-term client relationships."
Arax, which is backed by PE firm RedBird Capital Partners, has now inked half a dozen acquisitions this year, most recently welcoming a $1.5 billion team of Wells Fargo breakaways in the Hudson Valley.
Birmingham, Alabama-based Waverly Advisors announced it had acquired both WealthPlans and its affiliate Cooley & Associates, a tax preparation and accounting firm.
The transaction for the Frederick, Maryland-based firms closed on May 29, marking Waverly's second office in the state as well as its 33rd acquisition since accepting a private equity investment from Wealth Partners Capital Group in 2021.
WealthPlans was founded by President Brent Cooley, who brings three team members with him to Waverly. The practice provides comprehensive financial planning, investment management and tax-efficient strategies for individuals and families navigating complex financial decisions.
The acquisition of Cooley & Associates by Waverly's affiliate, Waverly Business Services, adds integrated tax and accounting capabilities to the platform, reflecting an increasingly common M&A pattern of RIAs absorbing adjacent professional services firms to deepen client relationships.
The combined transaction adds approximately $250 million in assets, according to Waverly, bringing the firm's total assets under management to approximately $35.5 billion.
"Brent and his team bring exceptional technical expertise and an unwavering commitment to serving clients with integrity," said Justin Russell, president and CEO of Waverly. "This combination of qualities strengthens the firm's collective ability to deliver outstanding outcomes and a world-class client experience."
Cooley said access to a national platform was a driving factor. "Our clients will benefit from Waverly's robust platform capabilities while continuing to receive the personalized service they have come to expect," he said.
Pete Wheatley, director at WPCG, called the Maryland deal "a meaningful step in Waverly's continued growth" and cited shared fiduciary values as central to the fit.
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