Modern Wealth Management, a registered investment advisory firm, has added a Calabasas-based wealth management company to its growing list of acquisitions.
As Modern Wealth’s 15th add-on, Planned Asset Management, an independent advisory firm focused on financial planning and investment management, brings with it more than $350 million in assets under management. This, along with a 16th purchase last week, carries the firm’s total to more than $7.5 billion.
Prior to Planned Asset Management, Modern Wealth purchased Wade Financial in Silicon Valley in April – which brought in more than $700 million – as part of the firm’s mission to establish its California market share. While Modern Wealth has its headquarters in Monterey, this location is solely for internal operations and is not client facing, making the firm’s official advisory presence in California new with these two acquisitions.
Expanding regional presence
Launched in April 2023, Modern Wealth was jumpstarted by $200 million in equity financing from Crestview Partners. The firm has since prioritized expanding its presence across all major regions, said Jason Gordo, president and cofounder. The West Coast was no exception.
“We see L.A. not just as a regional hub, but as a nationally significant market – one that plays a key role in our broader strategy,” Gordo said. “We’re continuing to increase our presence in the area and deepen our commitment to serving clients in one of the most dynamic financial markets in the country.”
Gordo said Modern Wealth’s “planning-first, tax-aware approach” will mesh well with L.A.’s pool of high-net-worth individuals, specifically highlighting the firm’s team structure. Through Modern Wealth’s model, each client receives an advisory team comprised of a certified public accountant, a certified financial analyst and a certified financial planner – rather than relying on disparate firms for each.
“What sets us apart is how we’re organized,” Gordo said. “… That collaborative model ensures clients receive well-rounded, expert guidance.”
