RIA Aggregator Modern Wealth Makes First Acquisition
The former Goldman Sachs and United Capital executives who recently teamed up to launch RIA aggregator Modern Wealth Management have announced their first transaction, saying Tuesday they acquired the assets of Barber Financial Group, Osiwala Financial Group and Financial Security, with offices across Kansas, Missouri and Michigan.
The addition of Barber, after Modern Wealth received $200 million in private equity financing from Crestview Partners, adds offices to Modern Wealth in Metro Kansas City and Detroit, Michigan.
Barber was established in 1996 by Dean Barber, its CEO, and the firm has since grown to 50 employees including certified financial planners, CPAs, estate and insurance specialists, all of whom are joining Modern Wealth.
Barber Financial serves more than 2,300 clients with over $1.5 billion of collective assets under management, according to Modern Wealth.
With the acquisition, Modern Wealth said it’s establishing its first “hub” location in Kansas City where the firm has already purchased additional office space and plans to double headcount.
As part of the acquisition, Barber’s existing radio show and podcast will provide Modern Wealth with an opportunity to promote its expertise in wealth management to existing Barber clients and prospective clients. Modern Wealth plans to create “informative and engaging content that attracts potential clients seeking financial guidance,” it said.
