Modern Wealth Management, a Monterey, California-headquartered registered investment advisory (RIA) firm, has announced its first two deals of 2025, marking its expansion into California.

Modern Wealth Management has finalized its acquisition of Wade Financial Advisory in Campbell, California, and expects to close on its acquisition of Planned Asset Management in Calabasas, also in the state.

These deals add $1 billion in assets under management, pushing Modern Wealth past the $7 billion mark and establishing its first client-facing offices in the state, the firm said in a statement. The purchase price paid for both deals is not being disclosed.

Wade Financial is a fee-only financial planning firm with a tax planning and preparation business that integrates taxes, equity compensation, investments, risk management, real estate, retirement and estate planning. It manages more than $700 million in assets and serves more than 250 households in the greater Silicon Valley area, including technology entrepreneurs, professionals, executives and multigenerational families. Wade Financial’s tax planning business will be integrated into Modern Wealth’s tax platform, while Neelesh Champaneri, chief investment officer, will join the firm’s investment management team, led by director of investments Stephen Tuckwood.

“Modern Wealth shares the same commitment to delivering comprehensive, coordinated advice –  something that’s often missing when professionals operate in silos,” Rodney Wade, Wade Financial’s founder said. Wade joins Modern Wealth as managing director.

Planned Asset Management is an independent advisory firm that provides financial planning and investment management services to more than 200 households, including individuals, families, small business owners, corporations and charitable trusts across the country. Founded by Morrie W Reiff, and now managing over $350 million in assets, the 40-year-old firm said it pursued an acquisition to Modern Wealth to facilitate its leadership succession plan to Reiff’s daughter, Jamie Reiff.

“Over the past decade, our firm has experienced significant growth, and joining Modern Wealth gives us the ability to accelerate that momentum and expand our capacity to serve more clients,” Reiff said. Reiff joins Modern Wealth as managing director.

“These acquisitions represent a meaningful step forward on multiple fronts as Modern Wealth expands its footprint, adds top-tier talent and deepens its service offerings,” Jason Gordo (pictured), co-founder and president of Modern Wealth, added. “These exceptional firms allow us to establish our first client-facing offices in California and mark the next phase of our national expansion.” 

Wade Financial and Planned Asset Management have 13 and seven financial professionals, respectively. These people will be onboarded into Modern Wealth, and the firms will fully adopt the Modern Wealth brand.

Derek Bruton of Gladstone Associates advised on the transaction involving Planned Asset Management, the statement added.