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New Acquisition-Hungry RIA Is Launched

Editorial Staff April 6, 2023

New Acquisition-Hungry RIA Is Launched

A group of senior wealth management figures with a shared history at United Capital – later bought by Goldman Sachs – have struck out on their own with a new business.

A new RIA created by former United Capital executives Gary Roth, Mike Capelle and Jason Gordo has flown off the launchpad: Modern Wealth Management.

The business is being backed with investment from funds run by Crestview Partners. Modern Wealth intends to acquire “select RIAs in strategic locations” across the US, according to a press release yesterday. Modern Wealth said it is already in “numerous discussions” with RIAs that are interested in joining as “anchor offices.”

The firm will comprise a team of specialists such as certified financial planners, estate planners, risk managers and tax planners. 

“When I joined United Capital, it was because I wanted to add my expertise to something larger,” Gordo, who was one of the architects of FinLife Partners at United Capital and head of advisor growth at Goldman Sachs Personal Financial Management, said. (In June 2019, Goldman Sachs bought United Capital for $750 million, a sign of how the Wall Street-listed financial giant is targeting the wider HNW and mass affluent space. Before then, Goldman Sachs’ wealth operation had concentrated on the ultra-high net worth end of the spectrum.)

Dan Kilpatrick, partner and head of Financial Services at Crestview, said: “It’s one thing to have a great conceptual model, but assembling the team to execute is quite another. This leadership team has executed over 90 acquisitions of RIAs, building United Capital to $25 billion of AuM with over 220 financial advisors and 22,000 clients in over 70 offices when it was sold to Goldman Sachs.”

“We believe the secular tailwinds for RIAs remain robust, as individuals increasingly seek client-first financial advice. We’re proud to support Modern Wealth in its efforts to redefine success for advisors and clients alike,” Kilpatrick said. 

Ardea Partners LP served as the exclusive financial advisor to Modern Wealth.

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