Modern Wealth Acquires $1.1 Billion Florida RIA From LPL Network
Modern Wealth Management has agreed to acquire Flaharty Asset Management, a Clearwater, Fla.-based registered investment adviser with approximately $1.1 billion in client assets, marking the firm’s 22nd acquisition since its 2023 founding.
Flaharty operates out of offices in Clearwater and Punta Gorda and brings 18 team members, including nine advisers, to Modern Wealth. Client assets will transition from LPL Financial to Fidelity Investments as part of the deal. Terms were not disclosed.
Modern Wealth’s 21st acquisition was also an RIA previously affiliated with LPL. Denver-based Brown and Company oversees approximately $1 billion in assets under management.
Modern Wealth is a national RIA aggregator that acquires independent advisory firms and operates them under a centralized platform providing marketing, technology, compliance, and operations support.
With the Flaharty transaction, Modern Wealth manages more than $14 billion in assets across 20 offices nationwide. The firm was founded in 2023 by co-chief executive officers Gary Roth and Mike Capelle, and President Jason Gordo, all three previously at Goldman Sachs, having worked there after the firm acquired United Capital. Crestview Partners provided $200 million in initial private-equity backing.
Flaharty Asset Management was founded in 2007 by Shon Flaharty. In 2020, the firm merged with AWA Investment Advisors, a Punta Gorda-based RIA. The firm is currently led by Flaharty and Hunter Orr.
“Florida is an important growth market for Modern Wealth, but this acquisition is about much more than geography,” Gordo said. “Shon, Hunter and their team have built a remarkable business around care, trust and a highly human approach to advice. Their model aligns closely with where we believe the industry is headed, and we see a meaningful opportunity to bring elements of their client experience to advisers across our broader platform.”
Flaharty said the firm’s growth made finding a larger partner a priority. “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.
Under Modern Wealth, the Flaharty team will have access to centralized marketing, technology, compliance, and operations support, along with in-house tax planning, estate planning, and retirement plan management. Modern Wealth also operates a lead-generation function that sources prospective clients and matches them with advisers.
Modern Wealth is also pursuing additional acquisitions of firms with specialized expertise in tax, estate planning, or particular client segments, the firm said.
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