Modera Wealth Management, LLC (Modera) and Independence Advisors, LLC (IA) merged on December 30, 2020. The firm operates under the name of Modera Wealth Management, LLC, with combined regulatory assets under management of approximately $4.4 billion (as of 12/31/2019), over 1,900 clients across 40 states, 81 employees, and an office presence in Massachusetts, New Jersey, Pennsylvania, Georgia, North Carolina, and Florida. IA Principals Charles Boinske, CFA®, Mark Rioboli, CFP®, CFS, and Patrick Runyen, CPA/PFS, CFP® continue as Principals of the combined firm, bringing the total number of employee-owners to twenty and positioning Modera Wealth Management strongly for multi-generational stability.
Both firms share a history rooted in transparency and a client-first philosophy. Independence Advisors was named after its commitment to the independent, fee-only model. Like IA, Modera was founded on the premise of unbiased financial advice in the best interest of clients.
“This merger is a natural partnership of two firms rooted in independence and transparency,” said Charles Boinske, CFA®, Founder of Independence Advisors. “We believe this synergy will enhance the experience we can provide to all of our clients.”
The merger of the two firms adds a depth of talent and specialization in areas such as tax planning, estate planning, and business retirement planning, as well as enhanced client service capabilities and state-of-the-art technology that will allow the firm to serve many different types of clients and their changing needs.
Adds Robert Siefert, CFP®, President and Principal of Modera, “Growing our firm in order to better serve clients, as well as offer additional resources and opportunities to our staff, is important to us.”
TRIA Capital Partners Invests in Modera Wealth Management
TRIA Capital Partners (TCP) closed on an investment in Modera Wealth Management as of December 31, 2020 as a non-control, minority equity partner. The partnership with TCP facilitates Modera’s commitment to independence and vision for long-term sustainability by providing a source of outside expertise and capital for key strategic initiatives, such as succession planning, attracting and retaining top-tier advisory talent, and developing the capabilities necessary for serving future generations of clients.
“We want to be around for our clients, and also our clients’ grandkids and great grandkids.” says Modera’s Chief Executive Officer Tom Orecchio, CFA®, CFP®, CHFC®, AIF®. “We’re excited about the long-term benefits this consultative partnership will bring to both our clients and employees, while being able to stay true to our values and history.”
With the assistance of Park Sutton Advisors, Modera identified TCP as a potential equity partner that stood out from other firms due to TCP’s ability to commit financially over the long-term, and its shared vision for and extensive experience in the wealth management industry. The three founders, Yvonne Kanner, Benjamin Robins, and Steven Cortez were previously partners at Fiduciary Network.
“We are honored that Modera chose to partner with TRIA in support of their long-term independence and the multi-generational promises that they make to their clients,” says Robins. “We are great admirers of the entire Modera team and their uncompromising commitment to the fiduciary standard. With a deep bench of advisory professionals, full-service wealth management capabilities and top-notch operational platform, the firm is an industry leader in every respect.”
“I first met Tom Orecchio 10 years ago, shortly after the combination of Modera with Back Bay Financial Group,” adds Steven Levitt, Founder of Park Sutton Advisors. “It has been wonderful to witness Modera’s organic and inorganic growth across the Eastern Seaboard since then. It was such a privilege for Annie Tronoski and me to advise Modera on the selection of an equity capital partner.”
Modera is a fee-only, independently owned and operated financial planning firm that acts as a fiduciary for its clients. Modera has offices in six states serving the needs of individuals, families, trusts, institutions, and philanthropic organizations. Read more at staging-lohonaso.kinsta.cloud.
About TRIA Capital Partners
TRIA Capital Partners provides customized financing solutions to leading wealth management firms that require outside capital but want to remain majority owned and controlled by their employees. The executive team is led by co-Managing Partners Steve Cortez, Yvonne Kanner, and Benjamin Robins. For more information, visit: www.triacapitalpartners.com
About Park Sutton Advisors
Founded in 2008, Park Sutton Advisors is a leading investment banking boutique that specializes in the financial services sector. The firm advised on 16 transactions during 2020.
Tom Orecchio, CFA®, CFP®, CHFC®, AIF®, Chief Executive Officer, Principal & Wealth Manager at Modera Wealth Management: email@example.com.
Kevin Sweeney, JD, CFP®, Chief Legal Officer, Principal & Wealth Manager at Modera Wealth Management: firstname.lastname@example.org.
Modera Wealth Management, LLC (“Modera”) is an SEC registered investment adviser. SEC registration does not imply any level of skill or training. Modera may only transact business in those states in which it is notice filed or qualifies for an exemption or exclusion from notice filing requirements. For information pertaining to Modera’s registration status, its fees and services please contact Modera or refer to the Investment Adviser Public Disclosure Web site (www.adviserinfo.sec.gov) for a copy of our Disclosure Brochure which appears as Part 2A of Form ADV. Please read the Disclosure Brochure carefully before you invest or send money.
This article is limited to the dissemination of general information about Modera’s investment advisory and financial planning services that is not suitable for everyone. Nothing herein should be interpreted or construed as investment advice nor as legal, tax or accounting advice nor as personalized financial planning, tax planning or wealth management advice. For legal, tax and accounting-related matters, we recommend you seek the advice of a qualified attorney or accountant. This article is not a substitute for personalized investment or financial planning from Modera. There is no guarantee that the views and opinions expressed herein will come to pass, and the information herein should not be considered a solicitation to engage in a particular investment or financial planning strategy. The statements and opinions expressed in this article are subject to change without notice based on changes in the law and other conditions.
Investing in the markets involves gains and losses and may not be suitable for all investors. Information herein is subject to change without notice and should not be considered a solicitation to buy or sell any security or to engage in a particular investment or financial planning strategy. Individual client asset allocations and investment strategies differ based on varying degrees of diversification and other factors. Diversification does not guarantee a profit or guarantee against a loss.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.