Modera Wealth Management of Westwood, N.J., and Back Bay Financial Group Inc. of Boston have merged, the principals announced today.
Modera had about $550 million in assets under management and Back Bay, $360 million, going into the merger, which was completed January 1. The firm Greenbaum & Orecchio Inc. in 2008 became Modera Wealth Management. Terms of the merger were not available.
The combined firm, Modera Wealth Management LLC, is an independent, fee-only wealth management firm with more than $900 million in AUM, approximately 550 clients and 28 employees and offers wealth management and portfolio management services at the Boston and Westwood locations.
"The two firms began informal discussions more than a year ago and quickly realized they shared similar values and a common approach toward financial planning," said John H. LeBlanc, one of Modera's five principals.
"Clients continue receiving objective, fee-only advice with exceptional client services," added Principal Greg Plechner. "The strengths of the newly combined firm help ensure the financial goals of this and future generations of clients are met."
Besides LeBlanc and Plechner, the remaining principals are Thomas A. Orecchio, Robert D. Siefert and Mark A. Willoughby. Orecchio served as chairman of the National Association of Personal financial Advisors (NAPFA) from 2007 to 2008, and was a national board member from 2004 through 2008.
The staff includes 14 Certified Financial Planners (CFPs), three chartered financial analyst (CFA) charterholders, three tax professionals, an attorney and others carrying advanced designations and degrees.
Going into the merger, both Modera and Back Bay Financial Group were nationally recognized as leading, independently owned personal financial advisory firms by Wealth Manager, Financial Advisor, Medical Economics, Worth and Forbes.
For more information on Modera, visit www.moderawealth.com.