Modern Wealth Acquires $290M AWA, Expands California Reach

Modern Wealth Management has significantly expanded its Northern California presence through the acquisition of AWA Wealth Management, a registered investment advisory firm managing approximately $290 million in client assets. This strategic move, the firm's sixth acquisition of 2026 and 24th since its 2023 inception, underscores Modern Wealth's aggressive growth strategy focused on integrating established advisory practices and enhancing their operational capabilities.

The addition of AWA Wealth Management, founded in 1994 by Derrick Andrews, CFP, CEP, brings a deep-rooted client base of multigenerational families and business owners, primarily in Auburn and Redding, California, into the Modern Wealth fold. This integration is designed to provide AWA's advisors with access to a more robust platform, including expanded estate and trust planning, advanced tax services, and sophisticated portfolio management tools, while allowing them to maintain their client-centric planning philosophy.

A key driver for this transaction is AWA's succession planning. Derrick Andrews, after more than three decades leading the firm, will leverage this partnership to cultivate the next generation of financial advisors within AWA. This allows him to transition leadership responsibilities while remaining actively involved with his long-standing clientele and mentoring emerging talent, including lead advisor Grant Andrews and relationship manager Chelsea Bailey, CFP. The entire AWA team, including operations director Toni Farkas and client services manager T.J. Peterson, will transition to Modern Wealth.

This acquisition aligns with Modern Wealth's overarching strategy of acquiring firms that seek enhanced operational support and a clear path for long-term continuity. The wealth management sector, particularly the independent RIA space, is experiencing a wave of consolidation as firms look for scale and specialized resources. Modern Wealth's model, co-founded by former United Capital executives Gary Roth, Mike Capelle, and Jason Gordo, aims to combine localized client relationships with centralized expertise in financial planning, tax, and investment management.

The deal follows Modern Wealth's recent acquisition of Sanchez Wealth Management in Jacksonville, Florida, which managed approximately $710 million in assets. These strategic integrations have propelled Modern Wealth's assets under management to nearly $16 billion, demonstrating the efficacy of its acquisition-driven expansion across diverse U.S. markets. The firm's approach allows acquired entities to benefit from a national infrastructure without sacrificing their established client service ethos.

For AWA Wealth Management, the partnership offers a vital framework for future growth and advisor development. Jason Gordo, President and Co-Founder of Modern Wealth Management, highlighted the alignment of values and the opportunity for Derrick Andrews to remain deeply connected to his clients and team. This acquisition not only strengthens Modern Wealth's footprint in California but also reinforces its commitment to facilitating seamless succession for established advisory practices.