Modern Wealth Management, an acquisitive registered investment advisor co-founded by former United Capital executives, has agreed to acquire Flaharty Asset Management, an LPL Financial affiliate with about $1.1 billion in client assets with offices in Clearwater and Punta Gorda, Fla. The assets will move from LPL to Fidelity as part of the transition.
This represents Modern Wealth’s 22nd acquisition since its founding in 2023, bringing its total assets to more than $14 billion across 20 offices in the United States. Modern Wealth was created in 2023 by three Goldman Sachs executives, Co-CEOs Gary Roth and Mike Capelle and President Jason Gordo, with $200 million from private-equity investor Crestview Partners.
This latest deal expands Modern Wealth’s presence in Florida and follows its April acquisition of Legacy Wealth Management, a South Florida-based firm managing $1.2 billion in assets, also an LPL affiliate.
Flaharty adds a presence in the Greater Tampa Bay/Clearwater market and brings 18 team members, including nine advisors, to Modern Wealth. The firm was created in 2007 by Shon Flaharty, and today it’s led by Flaharty and Hunter Orr.
In 2020, Flaharty merged with another local firm, AWA Investment Advisors, in Punta Gorda, Fla.
“Florida is an important growth market for Modern Wealth, but this acquisition is about much more than geography,” Gordo said in a statement. “Shon, Hunter and their team have built a remarkable business around care, trust and a highly human approach to advice. Their model aligns closely with where we believe the industry is headed, and we see a meaningful opportunity to bring elements of their client experience to advisors across our broader platform.”
Modern Wealth is also looking to add teams with additional service capabilities in areas such as tax, estate planning or specific client niches.
