Home / Business and Economy / Modern Wealth Buys Florida Firm for $1.1Bn
Modern Wealth Buys Florida Firm for $1.1Bn
4 Jun
Summary
- Modern Wealth acquired Flaharty Asset Management for undisclosed sum.
- Flaharty manages approximately $1.1bn in advisory and brokerage assets.
- The acquisition strengthens Modern Wealth's presence in Florida.
- Flaharty brings 18 staff, including nine advisers, to Modern Wealth.
Modern Wealth has successfully acquired Flaharty Asset Management, a wealth management firm based in Clearwater, Florida. This strategic acquisition significantly bolsters Modern Wealth's presence in Florida, a market identified as crucial for the company's expansion. Flaharty Asset Management brings approximately $1.1bn in advisory and brokerage assets under management.
The financial terms of this transaction have not been disclosed. Flaharty, led by Shon Flaharty and Hunter Orr, is integrating its team of 18 professionals, which includes nine financial advisers, into the Modern Wealth network. This move allows the Flaharty team to leverage Modern Wealth's comprehensive integrated platform, offering enhanced support in areas such as marketing, technology, compliance, and operations.
This acquisition is Modern Wealth's 22nd and follows its recent purchase of Legacy Wealth Management in South Florida. The integration of Flaharty provides Modern Wealth with a stronger foothold in the Greater Tampa Bay/Clearwater area and reinforces its growing footprint in the Southeast region of the US. The company now oversees more than $14bn in assets across 20 offices nationwide.
