Modern Wealth Management, a registered investment advisory in Monterey, Calif., has acquired Jacksonville, Fla.-based Sanchez Wealth Management Group, a wealth management firm overseeing nearly $710 million in client assets.
Modern Wealth, which manages more than $14 billion in assets, said the acquisition of Sanchez, which closed late last month, further extends the RIA’s reach across the Sunshine State.
Jacksonville gives “us another strong local team as we continue building scale throughout the state and across the country,” Jason Gordo, president and co-founder of Modern Wealth, said in a news release..
Sanchez Wealth is a multigenerational firm founded in 2002 by Christian “Chris” Sanchez, who built a practice centered on serving entire client households, according to the release.
Sanchez’s team includes his sister, wealth advisor Dawn Nicoles, and wealth advisor Josh Mandelkorn, a 15-year industry veteran. The advisors are supported by Alexandria Sanchez, client service associate and Sanchez’s daughter; Lindsey Hall, client service associate; and Jennifer Koeller, director of operations.
Modern Wealth said the combination of family members and industry professionals gives the Sanchez Wealth team a perspective that “has helped shape the firm’s emphasis on serving multiple generations, developing relationships not only with clients but also with their children and other family members as their financial needs evolve over time.”
“Their household-first approach and emphasis on education align naturally with the way we believe comprehensive advice should be delivered,” Gordo said.
Sanchez said partnering with the much bigger Modern Wealth with its integrated wealth management platform and centralized resources can add years to his career, which spans 29 years.
The deal “gives me more time to do what I actually love: helping clients solve complex problems, coaching them, educating them and being there for their families,” he said. “Modern has already built much of the technology, infrastructure and support that would have taken us years to develop on our own, and that allows our team to focus our energy where it matters most.”
Modern Wealth has been an aggressive buyer of other RIAs.
The RIA entered the Florida market in March with the acquisition of Legacy Wealth Management, a South Florida RIA managing about $1.2 billion in client assets. In the summer, the firm added Flaharty Asset Management, a wealth management firm in Clearwater, Fla., that oversees about $1.1 billion in advisory and brokerage assets.