Modern Wealth Surpasses $4 Billion In AUM With Latest Acquisition

The Purchase Of C&J Wealth Advisors Is Modern Wealth’s Ninth Acquisition In The Past 14 Months.
Jason Gordo, Co-Founder and President, Modern Wealth Management
Jason Gordo, Co-Founder and President, Modern Wealth Management

RIA Modern Wealth Management acquired Knoxville, Tennessee-based C&J Wealth Advisors, a wealth management firm providing financial planning, asset and risk management, and retirement planning services that manages more than $260 million in assets and serves over 300 clients in the Knoxville and Oak Ridge areas, Modern Wealth said Thursday.

The transaction, which has allowed Modern Wealth to surpass $4 billion in assets under management (AUM), represents the firm’s ninth acquisition to be finalized since it was started 14 months ago, it said.

Financial terms of the deal were not disclosed. The transaction closed in late June.

“This acquisition marks a significant milestone in our national expansion, enabling us to seize opportunities in the rapidly growing Knoxville market,” according to Jason Gordo, Co-Founder and President of Modern Wealth.

“Aligned with our commitment to delivering comprehensive financial advice, the C&J Wealth Advisors team brings a highly capable group of advisors to help execute our mission,” Gordo said.

Jacqueline Ferdowsi, VP, Modern Wealth Management
Jacqueline Ferdowsi, VP, Modern Wealth Management

As part of Modern Wealth’s initial expansion, the firm announced in May that it acquired Wealth Management Solutions and Autumn Wind in the Eastern Region.

Demonstrating its commitment to “strategic growth,” Modern Wealth has also augmented its Partnership Development team with the addition of Jacqueline Ferdowsi as Vice President, it said Thursday.

Ferdowsi will be in charge of establishing and executing Modern Wealth’s acquisition, partnership and corporate development strategy, according to the firm.

Modern Wealth plans to “continue its nationwide expansion with additional acquisitions planned through the end of the year,” it said.

The firm’s goal is to strategically acquire high-growth RIAs across the U.S., while establishing regional offices in key locations across the country, it said.

The acquisition of C&J Wealth, founded in 1982, represents the start of Modern Wealth’s effort to now establish a footprint in the South, according to the firm.

As part of the transaction, C&J Wealth has “fully adopted the Modern Wealth brand and the firm has onboarded C&J Wealth’s entire team of financial professionals,” Modern Wealth said in a release.

Advisors coming from C&J Wealth will get access to Modern Wealth’s investment platform that the firm said “equips advisors with a breadth of investment resources to effectively manage client portfolios.”

“Joining Modern Wealth and gaining access to its client service platform enables us to enhance our financial planning offerings while delegating business operations, thus allowing us to serve more families,” according to Mark King, who has joined Modern Wealth as a Managing Director.

Scott Smith, VP of Investment Management, Modern Wealth Management
Scott Smith, VP of Investment Management, Modern Wealth Management

“By leveraging Modern Wealth’s extensive team of financial experts and its versatile investment platform, we hope to significantly enhance our clients’ financial well-being,” he said.

C&J Wealth’s Scott Smith, meanwhile, is joining the Modern Wealth investment management team that oversees the design, construction and management of investment strategies. He will work alongside Stephen Tuckwood, Director of Investments at Modern Wealth.

Now that it is part of the Modern Wealth ecosystem, C&J Wealth will receive “enhanced support in accounting, compliance, technology, human resources and more, freeing up capacity to better serve its clients,” according to Modern Wealth.

“To develop and curate leads in the expanding” Knoxville region, C&J Wealth will also use Modern Wealth’s Organic Growth Hub, which was developed to create “expansion opportunities for advisors through innovative strategies in lead generation, distribution and client onboarding,” Modern Wealth said.

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

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