While recent industry data suggests that there has been a slowdown in the pace of RIA activity following higher interest rates, deals are still being completed.

RIA Modern Wealth Management has acquired Rochester, New York-based Beltz Ianni & Associates, which oversees $1.2 billion in assets. 

As part of this transaction, the financial terms of which were not disclosed, Beltz Ianni has dropped its broker-dealer affiliation with LPL Financial. It is now a part of Modern Wealth's independent RIA, Modern Wealth Management said in a statement today. 

Beltz Ianni, founded in 2001, has adopted the Modern Wealth brand and the team has transitioned to Modern Wealth, while continuing to serve its client base of small-to-midsize businesses, individuals, and families in Western New York.

This marks Modern Wealth's sixth transaction in less than a year since its launch, propelling its assets under management to more than $3 billion pending the successful completion of the asset transition.

There have been a run of M&A deals in the RIA space in recent years, with private equity buyers increasingly involved. A report last week from DeVoe & Co, a firm advising firms on such deals, found that industry figures expect this consolidation to continue. In a survey, it said 65 per cent of respondents expect to make an acquisition during the next two years – the highest percentage in at least four years. More than half of potential sellers (57 per cent) cited liquidity as a key driver in their decision to sell. 

Retirement and individual business
Beltz Ianni manages more than $700 million in retirement plan assets for over 100 companies. Additionally, the firm has nearly $500 million in assets through its individual investor business lines.  

As well as launching corporate retirement planning services, Modern Wealth said it will broaden its wealth management offerings to include Beltz Ianni’s individual retirement planning services, investment management capabilities and a full suite of insurance services. 

Gladstone Associates, LLC advised Beltz Ianni on the transaction.