Modern Wealth Management, a private equity-backed registered investment advisory launched last year by former United Capital executives, has acquired Knoxville, Tenn.-based C&J Wealth Advisors, bringing the firm’s assets to over $4 billion.
C&J Wealth, with $260 million in AUM, is Modern Wealth's ninth acquisition in the last 14 months. The deal also helps Modern Wealth establish a foothold in the South, with C&J serving over 300 clients in the Knoxville and Oak Ridge areas.
The C&J team, including Mark King, who will serve as a managing director, has joined Modern Wealth and has taken on its branding. Scott Smith, an investment analyst at C&J, has joined the investment management team and will serve as vice president of investment management at Modern Wealth.
The team will gain access to Modern Wealth’s client service platform and its ‘Organic Growth Hub.’ In August, Modern Wealth built a lead-generating “growth hub” in Kansas City. The firm hires professionals right out of college to learn the business from the ground up and deliver “warm” leads to Modern Wealth’s advisors.
Its Growth Hub uses a radio program and podcast produced by the RIA’s first acquisition, Barber Financial, which has successfully attracted new business to the firm. The team also uses digital channels, organic search and other strategies to reach prospects. About a dozen people work in the Hub.
This deal follows Modern Wealth’s recent expansion in the East, with its May acquisitions of Philadelphia-based Wealth Management Solutions and Reston, Va.-based Autumn Wind Asset Management.
Modern Wealth was founded a year ago by Jason Gordo, president, and co-CEOs Gary Roth and Mike Capelle, who worked together at United Capital, which was acquired by Goldman Sachs in 2019. They hope to build a national full-service firm rapidly, through both acquisition and organic growth programs like the hub in Kansas City. Advisors come under one ADV, are W-2 employees and share the Modern Wealth brand. The firm uses Charles Schwab and Fidelity for custody.
Crestview, a private equity firm, made a $200 million investment in Modern Wealth. The firm’s first acquisition of Barber Financial gave Modern Wealth the infrastructure, technology and talent they needed to launch, executives said. Barber is comprised of Barber Financial Group, an RIA led by CEO and founder Dean Barber; Osiwala Financial Group, a subsidiary led by President Ken Osiwala; and Financial Security, an acquired practice led by President Bud Kasper.
