alts.cam Alternative Investments

Modern Wealth Management has acquired a Colorado-based wealth management firm, which oversees roughly $1 billion in assets under management.  Denver-based Brown and Company, founded in 1988 by Mark Brown, provides wealth management-related services, including investment management, retirement planning, tax and estate planning, and philanthropic and charitable planning to high-net-worth clients in the greater Denver area and the Rocky Mountain region.  Prior to joining Modern Wealth, Brown and Company was previously affiliated with LPL Financial, and becomes Modern Wealth’s second addition from LPL, following its acquisition of Plantation, FL-based Legacy Wealth Management, which oversees about $1.2 billion in total client assets and $300 million in retirement plan advisory assets.    Additionally, Brown and Company marks Modern Wealth’s 21st acquisition and the RIA’s first office in the Colorado market, bringing Modern Wealth’s total client assets to $13 billion, the firm said.  Following the acquisition, Brown and Company’s eight-person team will fully transition to Modern Wealth, including managing directors Danielle Berz, Justin Cassida, and Jonathan Kuiter.  The team is also supported by director of operations Shannon Balmer, director of First Impressions Ellewynn Tieszen, executive assistant Amy Schmitt, and client services manager Zach Swaffer, according to the firm’s profile on Modern Wealth’s website.  “As we considered the future of the firm, it was important to find the right home for our team — one that would support a thoughtful succession plan, preserve the best elements of our firm and help us elevate our capabilities,” Brown said. “Joining them allows us to maintain the consistency and care our clients expect, while enhancing the personalized, high-touch experience that has defined our practice.”  Following the acquisition, Brown and Company will function under the Modern Wealth brand and will gain access to Modern Wealth’s marketing support, technology, compliance, human resources, and operations, the RIA said.  Modern Wealth, which launched in April 2023, is backed by $200 million in equity financing from Crestview Partners and has over $12 billion in assets, the firm said. Pictured: Brown and Company The post Modern Wealth Management Adds $1B Colorado Wealth Practice appeared first on Connect Money.

Source: https://www.connectmoney.com/stories/mo ... -practice/