Modern Wealth Buys $1.2 Billion Beltz Ianni

Through The Acquisition, Its Sixth In Under A Year, Modern Wealth Has Added A Retirement Plan Advisory Business.

RIA Modern Wealth Management on Wednesday announced the strategic acquisition of Rochester, New York-based Beltz Ianni & Associates, a corporate retirement planning and individual wealth management firm with over $1.2 billion in assets.

As part of the transaction, Beltz Ianni dropped its broker-dealer affiliation with LPL Financial and is now part of Modern Wealth’s independent RIA.

After the acquisition closed on March 1, Modern Wealth was able to add a retirement plan advisory business and Beltz Ianni adopted the Modern Wealth brand. Beltz Ianni also immediately started integrating its retirement and individual wealth planning service offerings into Modern Wealth’s platform.

The transaction represented the sixth acquisition that Modern Wealth has completed just one year after its launch.

With the latest acquisition, the firm has expanded its presence to the Eastern Region and added the retirement plan service offering for small-to-midsize companies.

The acquisition is increasing Modern Wealth’s assets under management to over $3 billion.

Modern Wealth expects to make more acquisitions “in the coming months” as part of the firm’s expansion strategy, it said. The firm also plans to “establish regional offices in key locations spanning” the U.S., it said.

Gladstone Associates advised Beltz Ianni on the transaction.

The full Beltz Ianni team has transitioned to Modern Wealth, while continuing to serve its client base of small-to-midsize businesses, individuals and families in western New York, Modern Wealth said.

Michelle Cannan, who has joined Modern Wealth as Managing Director and Head of company retirement plan services
Michelle Cannan, who has joined Modern Wealth as Managing Director and Head of company retirement plan services

Beltz Ianni was started in 2001 as a comprehensive financial services firm focused on retirement planning and investment management. The firm manages over $700 million in retirement plan assets for over 100 companies, plus almost $500 million in assets through its individual investor business lines.

Beltz Ianni’s Total Retirement Plan Management solution provides comprehensive retirement plan management tailored for small-to-midsize companies. Its broader services include fiduciary risk management, fee benchmarking, retirement vendor selection, employee education resources and other retirement plan services.

Companies using the retirement plan advisory services may also receive third-party administration support, providing employers with end-to-end retirement plan administration while maintaining compliance with the complex retirement regulations, Modern Wealth said.

Jason Gordo, Co-Founder and President of Modern Wealth
Jason Gordo, Co-Founder and President of Modern Wealth

Modern Wealth will broaden its wealth management offerings to include Beltz Ianni’s individual retirement planning services, investment management capabilities and full suite of insurance services.

As a part of Modern Wealth, the Beltz Ianni team can leverage Modern Wealth’s investment management and back-office support.

Meanwhile, the Beltz Ianni team can also tap into the collective knowledge and insights of the firm’s team of specialists that includes CPAs, CFPs, tax planners and other specialized planners.

“Joining Modern Wealth will enable our team to leverage its breadth of resources to broaden and scale our retirement plan advisory services,” said Michelle Cannan, who joins Modern Wealth as Managing Director and Head of company retirement plan services.

Kyle Dunn, who has joined Modern Wealth as Managing Director and Executive Financial Advisor
Kyle Dunn, who has joined Modern Wealth as Managing Director and Executive Financial Advisor

The entire Modern Wealth leadership team has “built a great business in a short period of time,” she said. “We’re looking forward to providing our clients with an elevated level of service at our new home.”

“The acquisition of Beltz Ianni not only enables our firm to serve the retirement plan management and administration needs of our business owner clients, but we’ve also added several new personal wealth management team members who will complement our growing and dynamic team,” according to Jason Gordo, Co-Founder and President of Modern Wealth.

“Having expanded our business to the East Coast, we expect to build and maintain our presence in the region for years to come,” he said.

“What initially drew Beltz Ianni to Modern Wealth was our shared vision of providing excellent client service by adopting a ‘client-first’ mentality,” according to Kyle Dunn, who joins Modern Wealth as Managing Director and Executive Financial Advisor.

Jeff Berman, Contributing Editor & Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com

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