Modern Wealth Management has acquired Boise, Idaho-based Petso Financial Consultants, LLC, a fee-only financial advisory firm with $1.4 billion in assets under management (AUM), the firm announced last week.
This transaction is Modern Wealth’s eleventh acquisition to date and its sixth of the year, bringing its total AUM to over $6 billion.
Founded in 2001 by David Petso, Petso Financial is an independent advisory firm that provides holistic wealth management and financial planning services, including investment management, financial planning, estate planning and retirement income planning for individuals and corporate clients.
“Joining Modern Wealth presented a unique opportunity that aligned well with Petso’s rapid client growth. It wasn’t about stepping into a plug-and-play firm; it was about joining a dynamic, fast-growing team where we could be an integral part of the journey,” said Petso, who is joining Modern Wealth as managing director. “With Modern Wealth’s experienced leadership team, extensive business support infrastructure and commitment to a team-based advisor model, we are well-positioned to drive future growth and further enhance our client experiences.”
Petso Financial’s 10-person team of advisors will also move to Modern Wealth, where they will leverage the RIA’s “Organic Growth Hub,” platform centered on lead generation, distribution, and client onboarding. Modern Wealth also offers accounting, compliance, technology, human resources, and operations services aimed at prioritizing client service.
“Expanding into the Pacific Northwest region represents a key step in our broader national strategy. By acquiring high-growth firms that share our commitment to delivering comprehensive financial advice, we continue strengthening our team’s ability to serve clients across the country,” said Jason Gordo, co-founder and president of Modern Wealth. “David, Jennifer [Stone] and the full team at Petso Financial have built an incredible business in Boise, with an exemplary approach to client service, culture and growth that is closely aligned with Modern Wealth.”
Modern Wealth now runs 14 client-facing offices across 11 states, with a presence in the Eastern, Midwest, Southern and Pacific Northwest regions. In March, the firm acquired Beltz Ianni & Associates, a corporate retirement planning and individual wealth management firm with over $1.2 billion in assets.
The asset purchase transaction was conducted by the Alaris Acquisitions Deal Advocacy process.
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