Modern Wealth Management, a registered investment advisory backed by private equity launched last year of former United Capital executives, has acquired Knoxville, Tenn.-based C&J Wealth Advisors, bringing the firm's assets to more than $4 billion.
C&J Wealth, with $260 million in AUM, is Modern Wealth's ninth acquisition in the past 14 months. The deal also helps Modern Wealth establish a foothold in the South, with C&J serving over 300 clients in the Knoxville and Oak Ridge areas.
The C&J team, including Mark King, who will serve as managing director, has joined Modern Wealth and acquired its brand. Scott Smith, an investment analyst at C&J, has joined the investment management team and will serve as vice president of investment management at Modern Wealth.
The team will have access to Modern Wealth's client service platform and 'Organic Growth Hub'. In August, Modern Wealth built a lead-generating “growth center” in Kansas City. The firm hires professionals right out of college to learn the business from the ground up and provide “warm” guidance to Modern Wealth's advisors.
Its Growth Center uses a radio program and podcast produced by the RIA's first acquisition, Barber Financial, which has successfully attracted new business to the firm. The team also uses digital channels, organic search and other strategies to reach prospects. About a dozen people work at the Hub.
This deal follows Modern Wealth's the last expansion to the Eastwith the May acquisitions of Philadelphia-based Wealth Management Solutions and Reston, Va.-based Autumn Wind Asset Management.
Modern Wealth was founded a year ago by Jason Gordo, president, and co-CEOs Gary Roth and Mike Capelle, who worked together at United Capital, which was acquired by Goldman Sachs in 2019. They hope to quickly build a firm full-service national, through acquisitions and organic growth programs such as the Kansas City center. Advisors are under an ADV, are W-2 employees and share the Modern Wealth brand. The firm uses Charles Schwab and Fidelity for custody.
Crestview, a private equity firm, made a $200 million investment in Modern Wealth. Of the firm Barber Financial's first acquisition It gave Modern Wealth the infrastructure, technology and talent it needed to get off the ground, executives said. Barber consists of Barber Financial Group, an RIA led by CEO and founder Dean Barber; Osiwala Financial Group, a subsidiary headed by President Ken Osiwala; and Financial Assurance, an acquired practice led by President Bud Kasper.