Modern Wealth Acquires Legacy Wealth Management in Florida
Modern Wealth Management, an acquisitive $12 billion registered investment advisor co-founded by former United Capital executives, has acquired former LPL Financial affiliate Legacy Wealth Management, a South Florida-based advisory firm managing $1.2 billion in client assets, including $300 million in retirement plan advisory assets.
Legacy, led by managing directors Tony DuBose and Joel Palatnik, marks Modern Wealth’s first Florida office and its 20th acquisition since launching in April 2023 with backing from majority stakeholder Crestview Partners.
The Plantation, Fla.-based Legacy team checked numerous boxes for the Modern Wealth leadership team, from geography to retirement plan assets to the founders’ entrepreneurial drive, said President and co-founder Jason Gordo.
“We’re not in the state of Florida, so we thought if we can enter the state of Florida with a $1 billion-plus team that has wealth management, but also a retirement plan advisory, and great leaders in Tony and Joel, then that is a firm we want,” he said.
Legacy’s eight-person team, including seven financial advisors, will adopt Modern Wealth’s brand name and technology platform to offer clients financial planning, investment management, and estate planning. Its retirement plan advisory business will integrate into Modern Wealth’s retirement plan consulting team, and the firm will also tap into Modern’s marketing, compliance and operations, as well as its Modern Women and next-gen career programs.
“If you had asked me three years ago about merging or selling the firm, it would have been a hard no,” DuBose said in a statement. “But that all changed when we met the leadership team at Modern Wealth. Their high level of execution, shared values and commitment to a long-term vision made them the perfect fit.”
Gordo agreed that the market for acquisitions is competitive and valuations are high, but said Modern Wealth stands out as an RIA with a well-established process for acquiring, integrating and helping firms grow. The firm also offers equity ownership opportunities for new and existing employees. Some Legacy team members, for instance, will gain equity for the first time through the transaction.
“If you are going to be a prolific acquirer in this industry, you have to have all the teams, tools and systems in place to know what to do with something you’ve acquired after you’ve acquired it,” he said. “We have exceptional muscle with transition, integration and growth capabilities.”
The Legacy deal came from a relationship with the M&A consultancy and recruiting firm the Gladstone Group, and partly led to former Gladstone banker Derek Bruton leaving the firm to lead M&A for Modern Wealth. And while Legacy is Modern Wealth’s first deal of 2026, Gordo hinted at more to come in the near term. Future deals are likely to fill a “number of holes” in geography for the 3-year old firm, Gordo said.
Modern Wealth now has 19 offices in the U.S., and is dually headquartered in Monterey, Calif., and Lenexa, Kan.
The firm is also looking to add teams with additional service capabilities in areas such as tax, estate planning or specific client niches. Gordo pointed to a deal Modern Wealth did last year for a $1.1 billion team focused on working with first responders.
“We’re syncing national expansion around that service offering,” he said. “They have great leadership, and we’ve already helped them to accelerate. They’re a great example of how we are focused on finding entrepreneurs interested in building.”