California wealth management giant acquires $1.1B Clearwater firm

A California-based wealth management firm is growing its Florida footprint with a $1.1 billion acquisition of Flaharty Asset Management in Clearwater. 

Modern Wealth Management, a registered investment advisory firm based in Monterey, California, announced the purchase Wednesday. The deal closed May 29. 

The acquisition represents Modern Wealth’s 22nd acquisition since its founding in 2023 and follows the recent addition of Brown and Co. in Colorado, bringing its total assets to more than $!4 billion across 20 offices in the United States, according to statement. 

Flaharty Asset Management, founded in 2007, oversees approximately $1.1 billion across advisory and brokerage assets, with offices in both Clearwater and Punta Gorda. Led by Shon Flaharty, the firm brings an 18-person team, including nine advisors, to Modern Wealth. 

“For nearly two decades, we have focused on building a firm that cares deeply about the people we serve and the people we work alongside,” Flaharty says in the release. “As our business has grown, we knew the next chapter required a partner that could help us preserve that culture while continuing to evolve. Modern Wealth understands what makes our firm different and shares our belief that great advice is about much more than investment management alone.”

The acquisition follows Modern Wealth’s April purchase of South Florida-based Legacy Wealth Management and signifies the company’s strategic decision to strengthen its Southeast footprint, according to a release.

Modern Wealth was founded by former United Capital Executives Gary Roth, Mike Capelle and Jason Gordo.