Acquisition of OFM Wealth’s assets pushes Modern Wealth past $7.5 billion in assets under management (AUM) two years after its launch
MONTEREY, Calif.–(BUSINESS WIRE)–Modern Wealth Management (“Modern Wealth”), a registered investment advisory (RIA) firm founded to meet the evolving needs of today’s financial professionals and their clients, today announced an asset purchase agreement of Chicago-based OFM Wealth. This acquisition propels Modern Wealth’s assets under management (AUM) to over $7.5 billion and marks the firm’s 16th acquisition since its launch in April 2023.
“Our acquisition strategy has been intentional and focused since day one; we’ve prioritized firms that align with our culture, fit with our business model and have a clear ambition to grow – qualities we immediately recognized in the team at OFM Wealth,” said Jason Gordo, Co-founder and President of Modern Wealth. “Establishing a presence in Chicago gives us a foothold in all major regions of the country. Bringing OFM Wealth into the Modern Wealth family accelerates our growth and further cements our nationwide presence.”
Founded in 1981 by Sam Ogrizovich, CFP®, OFM Wealth is a fee-only, independent wealth management firm offering comprehensive services, including financial planning, investment management, tax, estate and retirement planning. OFM Wealth serves more than 175 households across Chicago and beyond, working with clients spanning various stages of life, including multigenerational families, business owners, pre-retirees, retirees and more. Dedicated to a client-first philosophy and team-based model, OFM Wealth joins Modern Wealth with a team of six professionals, several of whom hold the CFP® designation.
“Modern Wealth stood out in its alignment with the way we approach comprehensive wealth management. While many firms focus on just one aspect of a client’s financial life, Modern Wealth is committed to looking at the whole picture,” said Ogrizovich, who joins Modern Wealth as Managing Director. “As our team and clients integrate into Modern Wealth, we’re looking forward to leveraging the added depth of services, centralized support and the enhanced ability to focus more fully on client relationships.”
Backed by $200 million in equity financing from Crestview Partners, Modern Wealth entered the marketplace in April 2023 with a vision to acquire high-growth RIAs across the country and build an integrated, holistic wealth management platform. With this latest transaction, Modern Wealth has now acquired 16 firms, established a presence in 13 states and grown its network to 18 client-facing offices. As part of its strategy to build a strong national footprint, the firm has entered key regions in the West, Pacific Northwest and South, while also deepening its presence in the Midwest and Northeast.
These strategic acquisitions have also allowed Modern Wealth to broaden its service offerings and reinforce its commitment to comprehensive wealth management, including financial planning, tax planning, estate planning and investment management. To deliver on this robust platform, the firm employs a team-based model anchored by specialists such as CFP® professionals, CFA®s, CPAs, estate planners and risk managers. Today, the firm’s growing network includes more than 50 financial advisors and 150 other professionals in total.
Modern Wealth complements its inorganic growth strategy through the continued development of its “Organic Growth Hub,” a dedicated platform to help advisors scale their practices. The “Hub” equips advisors within the Modern Wealth ecosystem with comprehensive strategies for lead generation, distribution and client onboarding, as well as marketing, technology, compliance, human resources and operational support. Through this acquisition, OFM Wealth gains access to Modern Wealth’s expanded wealth management platform and business support resources, enabling the potential for faster growth in Chicago and beyond.
OFM Wealth was represented by DeVoe & Company, a leading consulting firm and investment bank to RIAs.
For more information about Modern Wealth and its comprehensive wealth management services, please visit modwm.com.
About Modern Wealth Management
Modern Wealth Management is a registered investment adviser (RIA) reimagining the delivery of financial advice. Co-Founded by former United Capital executives Gary Roth, Mike Capelle and Jason Gordo, Modern Wealth was designed to anticipate the needs of Americans at every stage in life by providing a full suite of wealth management services carried out by a team of experts specializing in financial planning, tax planning and preparation, personal banking, estate planning and more. Strategically acquiring high-growth RIAs across the country, Modern Wealth plans to establish regional offices in key locations spanning the United States. To learn more about Modern Wealth’s next generation platform and advice delivery model, please email [email protected] or visit modwm.com.
Registration with the U.S. Securities and Exchange Commission does not imply a certain level of skill or training. Past performance is not necessarily indicative of future results.
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