Modern Wealth Management has acquired Flaharty Asset Management, a wealth management firm based in Clearwater, Florida, with about $1.1bn in advisory and brokerage assets.
Financial terms of the deal remain undisclosed
Flaharty, led by Shon Flaharty and Hunter Orr, is joining Modern Wealth with a team of 18 people, including nine advisers. Shon Flaharty said: “For nearly two decades, we have focused on building a firm that cares deeply about the people we serve and the people we work alongside. “As our business has grown, we knew the next chapter required a partner that could help us preserve that culture while continuing to evolve. Modern Wealth understands what makes our firm different and shares our belief that great advice is about much more than investment management alone.” The business operates from Clearwater and Punta Gorda in Florida.
The deal adds to Modern Wealth’s operations in Florida, which the company has identified as an important market as it continues to develop regional offices in selected locations across the US. After Modern Wealth’s April purchase of Legacy Wealth Management in South Florida, the Flaharty transaction gives it a base in the Greater Tampa Bay/Clearwater area and adds to its presence in the Southeast. Under Modern Wealth, the Flaharty team will be able to use an integrated platform with central support in marketing, technology, compliance, human resources and operations, along with in house services covering financial planning, investment management, tax planning and preparation, estate planning and retirement plan management.