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Modern Wealth Management, an acquisitive registered investment advisor co-founded by former United Capital executives, has agreed to acquire Brown and Company, a Denver-based wealth management practice with about $1 billion in assets under management. The practice, which was previously affiliated with LPL Financial, represents Modern Wealth’s second deal this year and its 21st since inception, bringing its total assets to over $13 billion.
The deal also establishes Modern Wealth’s first office in Colorado.
“With access to Modern Wealth’s resources, the team is well positioned to accelerate growth and expand the depth of services they deliver to clients in Denver, a key market that strengthens our position in the West and marks an important step in our expansion into Colorado,” Jason Gordo, president and co-founder of Modern Wealth, said in a statement.
Brown and Company was founded in 1988 by Mark Brown, who had been affiliated with LPL since then. The firm provides investment and retirement planning, advanced tax and estate strategies, and philanthropic and charitable planning to about 200 households. It also works with business owners and corporate executives on executive compensation and exit planning strategies.
“As we considered the future of the firm, it was important to find the right home for our team—one that would support a thoughtful succession plan, preserve the best elements of our firm and help us elevate our capabilities,” Brown said in a statement. “Modern Wealth stood out for its culture, capabilities and long-term vision. Joining them allows us to maintain the consistency and care our clients expect, while enhancing the personalized, high-touch experience that has defined our practice.”
Brown joins Modern Wealth as a managing director. He’s joined by seven other members of the team, including Danielle Berz, Justin Cassida and Jonathan Kuiter.
This follows news earlier this month of Modern Wealth’s acquisition of Legacy Wealth Management, a South Florida-based firm managing $1.2 billion in assets, also an LPL affiliate.
Modern Wealth now has 20 offices in the U.S., and is dually headquartered in Monterey, Calif., and Lenexa, Kan.
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