Former Goldman And United Capital Execs Launch RIA With Crestview Partners’ Support; Plan To Acquire RIAs And Provide Holistic Advisor Support
RIA Modern Wealth Management announced its launch with a $200 million investment from private equity firm Crestview Partners. Founded by co-CEOs Gary Roth and Mike Capelle and President Jason Gordo, the firm aims to acquire RIAs to form an integrated enterprise.
Roth, Capelle and Gordo joined Goldman Sachs in 2019 when the firm purchased United Capital for $750 million, which at the time held $25 billion in assets with over 70 offices, 220 financial advisors and 22,000 clients nationwide.
Roth was Chief Business Officer and Chief Financial Officer at United Capital and Head of Advisor Strategy at Goldman Sachs Personal Financial Management (PFM). Capelle was Chief Platform Officer at United Capital and Head of Product at Goldman Sachs PFM. Gordo held various roles at United Capital and was Head of Advisor Growth at Goldman Sachs PFM.
Modern Wealth plans to deliver holistic financial advice by engaging a team of specialists including CFPs, risk managers, CFAs, estate planners and tax planners to support advisors. The firm also plans to support advisor prospecting with lead generation that matches advisors with clients according to their unique needs.
“When I joined United Capital, it was because I wanted to add my expertise to something larger,” said Gordo. “Upon meeting Mike, Gary and the rest of the team, I recognized a tremendous opportunity and quickly made the decision to join them in creating what I believe to be something special. Here at Modern Wealth, we’re bringing a fresh partnership approach with an end goal of modernizing the way a wealth management firm serves and cares for clients.”
Dan Kilpatrick, Partner and Head of Financial Services at Crestview, said, “We believe the secular tailwinds for RIAs remain robust, as individuals increasingly seek client-first financial advice. We’re proud to support Modern Wealth in its efforts to redefine success for advisors and clients alike.”
“We were drawn to Crestview due to both its experience in the space and its track record of partnering with management teams to build rapidly growing businesses,” Roth said. “We’re confident that our proven experience and approach, bolstered by capital and a value-add partner in Crestview, positions us extremely well to be an active acquirer in the industry while continuing to better the advisor and client experience.”
“Advisors are being left behind as the leading edge of industry is forcing them to broaden their scope of services,” Capelle said. “Clients want clarity and control of their finances, and we plan for our platform to extend beyond investment management to offer customized, digital views of their financial lives, how they are progressing toward key goals and the benefit they are receiving from engaging with Modern Wealth.”
Modern Wealth is in multiple discussions with RIAs that have interest in joining as anchor offices, according to the press release. Ardea Partners advised Modern Wealth in the transaction.
James Miller, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at ContributingEd@wealthsolutionsreport.com.
