Modern Wealth Acquires Brown and Company, Expands to Colorado

Modern Wealth Management has solidified its national footprint by acquiring the operational assets of Brown and Company, a Denver-based wealth advisory practice. This strategic move marks the firm's inaugural presence in the Colorado market and represents its 21st acquisition since its founding. The integration is expected to significantly bolster Modern Wealth's assets under management, pushing the total past the $13 billion threshold.

The acquisition of Brown and Company, established in 1988 by Mark Brown, CFP, brings a seasoned team of eight professionals into the Modern Wealth fold. Key leadership figures, including Danielle Berz, CFP, Justin Cassida, MBA, CFP, and Jonathan Kuiter, MBA, will transition with the firm. This influx of talent and client base underscores Modern Wealth's aggressive growth strategy, fueled by backing from Crestview Partners.

This latest transaction follows closely on the heels of Modern Wealth's April acquisition of Legacy Wealth Management, a South Florida firm overseeing $1.2 billion in assets. These moves highlight a consistent pattern of consolidation within the wealth management sector, as larger, well-capitalized firms seek to expand their geographic reach and service offerings through strategic tuck-in acquisitions. The industry is witnessing a trend where established RIAs are leveraging private equity support to accelerate expansion.

Brown and Company's expertise spans comprehensive financial planning, including investment and retirement strategies, sophisticated tax and estate planning, and philanthropic advisory services. By absorbing this established practice, Modern Wealth not only gains a physical presence in Colorado but also enhances its service capabilities, offering a more robust suite of solutions to a broader client demographic. The firm now operates approximately 20 offices across the United States, maintaining dual headquarters in Monterey, California, and Lenexa, Kansas.

The wealth management industry continues to experience significant consolidation, driven by factors such as an aging advisor population, increasing regulatory complexity, and the demand for integrated technology solutions. Firms like Modern Wealth, backed by private equity, are well-positioned to capitalize on these trends by acquiring independent practices. This strategy allows them to achieve economies of scale, enhance operational efficiencies, and broaden their market penetration more rapidly than through organic growth alone.

Modern Wealth Management, co-founded by former executives from United Capital, has demonstrated a clear vision for expansion. Their acquisitive approach, supported by Crestview Partners, allows them to integrate established firms and their client relationships efficiently. The addition of Brown and Company is a testament to this strategy, reinforcing their position as a significant player in the national wealth management arena and signaling continued activity in the M&A space for financial advisory firms.