Modern Wealth Acquires $1.2B Legacy Wealth Management

Modern Wealth Management has acquired Legacy Wealth Management, a South Florida-based advisory firm managing approximately $1.2 billion in client assets. As part of this transaction, Legacy has transitioned from its broker-dealer affiliation with LPL Financial and is now a part of Modern Wealth’s independent RIA.

Led by Tony DuBose and Joel Palatnik, who join Modern Wealth as managing directors, Legacy marks the firm’s first office in Florida and its 20th acquisition since Modern Wealth’s launch in April 2023. The eight-person team, including seven financial advisors, will leverage Modern Wealth’s platform to deliver financial planning, retirement plan advisory, investment management, estate planning, and other services. Adopting the Modern Wealth brand, the Legacy team will continue serving its client base of more than 1,400 families, composed of business owners, pilots, professional guardians, trustees and other mass affluent through ultra-high-net-worth clients.

“If you had asked me three years ago about merging or selling the firm, it would have been a hard no,” said DuBose. “But that all changed when we met the leadership team at Modern Wealth. From the start, they treated this not as a transaction, but as the next phase of growth for our firm, our clients, and our team. Their high level of execution, shared values and commitment to a long-term vision made them the perfect fit—especially as they expand their footprint here in Florida.”

In addition, Legacy’s retirement plan advisory business, Legacy Retirement Plan Advisors—which manages approximately $300 million in retirement plan assets and is led by Val Ortega—will integrate into Modern Wealth’s retirement plan consulting team, led by Michelle Cannan.

“Joining Modern Wealth gives us the ability to scale without losing the culture that defines our firm, and to pursue growth without compromising the client relationships we’ve built over decades,” said Palatnik. “With the right infrastructure in place, we see a meaningful opportunity to expand both our wealth and retirement businesses while continuing to deliver the personalized advice our clients expect.”