Why Modera's M&A head takes a cue from Ted Lasso

When Vince Curtin considers what makes for a successful partnership in the RIA space, he points to the Emmy Award-winning Apple TV  series “Ted Lasso.”

In one of many iconic scenes that made the feel-good, fish-out-of-water sitcom a smash hit, the titular character played by Jason Sudekis shares a quote from American essayist Walt Whitman, which preaches the wisdom of being “curious, not judgmental.”

“If we can sit across the table and feel that the other firm is genuinely curious about what we do ...  not [being] judgmental but wanting to know more, I think that’s a really great starting point,” Curtin, who recently took the helm of mergers and acquisitions at Modera Wealth Management, said in an interview with InvestmentNews.

Curtin joined Modera in August after a career spanning investment banking and leadership roles, including stints at Transcend Capital Advisors, The Mather Group, UBS Investment Bank, and Lincoln Financial Group. He brings that breadth of experience – advising on deals, operating inside large institutions, and helping lead smaller firms – to Modera as it seeks out partners who fit its culture and ambitions.

“Putting all those things together allows me to come in and help Modera find other like-minded partners who can continue to contribute to this platform and make it even better than it is today,” he said.

Integrating for alignment

Curtin is quick to distance Modera from the aggregators and asset gatherers that have driven recent records in RIA M&A. Unlike some who move with speed and chase after scale, the firm – which manages between $17 billion and $18 billion in client assets and traces its roots to 1983 – has added 20 partner firms since 2011.

“We are very specifically an integrator. We’re not just building a platform,” he said. “We’re a firm of advisors who are fiduciaries. We lead with planning and we have a similar investment philosophy, which is evidence-based investing.”

The firm’s integration process is designed to ensure every new partner aligns with Modera’s core values: a fee-only fiduciary model, collaborative culture, and commitment to comprehensive planning. 

“We certainly do not get in the way of an advisor and client relationship,” Curtin explained, “but we do ensure that advisors that come into our platform philosophically align with that viewpoint.”

That focus on alignment narrows Modera’s pool of potential partners, though Curtin said the firm also follows a “structured but not static” approach, letting it adjust deals within a defined framework.

“We understand that every deal is different, so we certainly can tailor things to a seller’s specific needs," he said. "When we’re clear on our story and our value proposition, I feel like there’s an awful lot of opportunity for us even in a very crowded marketplace.”

Growth ambitions and succession planning

While the firm received a strategic investment from Tria Capital Partners at the end of 2020, TCP is a non-control minority equity partner. The firm is majority employee-owned, including a third of staff. All its equity owners receive one class of shares, giving them the same responsibilities and rights to participate in Modera's future growth. 

Modera’s roots are on the East Coast, but Curtin said the firm has its sights on the Midwest and West Coast as well.

“Our goal is really to be one of the nation’s leading wealth management firms,” he said. “And in order to do so, we do feel like it’s important to expand our geographical presence.”

Succession planning is also on the table. With an advisor shortage set to hit the industry within the next decade, Modera is open to deals that provide career tracks for younger advisors and facilitate transitions for founders.

“We have great career tracks for young advisors who have been helping an older advisor build a practice and now want more room for career progression,” Curtin said. “We are very open-minded to considering lots of different avenues for inorganic growth. Again, if the essential principles and those table stakes are there, we would like to explore that.”

The competition for M&A in the RIA space has only gotten more intense in recent years, with a steady stream of capital pushing dealmaking to new highs. And while getting the highest valuation is a priority for many sellers, Curtin warns against doing deals too quickly, maintaining that culture and purpose are what should matter most.

“This is a people business, as much of a cliché as that is," he said. "And so treating every new partner that comes on as a unique opportunity to grow in the right way – that’s something that Modera has gotten right from the very beginning.”