Modera Wealth Management LLC closed out 2020 by acquiring Independence Advisors LLC (IA) and partnering with TRIA Capital Partners (TCP), which has bought a minority stake in the firm, according to Tom Orecchio, CEO of Modera.

“Modera and IA merged first, then we transacted with TRIA,” he said in the email. “Modera has a history of both organic and inorganic growth, so both of these transactions are consistent with our past strategy.”

While financial details of the Dececmber transactions and TCP were not disclosed, Orecchio said in the email that Modera had about $3 billion in client assets under management (AUM) prior to acquiring IA in December. He said IA brought another $1.4 billion to Modera.

Under terms of the deals, IA principals Charles Boinske, Mark Rioboli and Patrick Runyen join Modera as principals of the newly merged firm, while the IA practice continues to operate out of its Wayne, Pa., office. 

With the addition of Boinske, Rioboli and Runyen, Modera now has a total of 20 employee-owners. The company said in the news release that its merger with IA strategically positions Modera for multigenerational growth and stability.

"This merger is a natural partnership of two firms rooted in independence and transparency," IA founder Boinske said in the news release. "We believe this synergy will enhance the experience we can provide to all of our clients."

Modera’s partnership with TCP, founded by former Fiduciary Network partners Yvonne Kanner, Benjamin Robins, and Steven Cortez, provides a source of outside expertise and capital for key strategic initiatives, such as succession planning, attracting and retaining top-tier advisory talent, and developing the capabilities necessary for serving future generations of clients, the company said in the news release.

Orecchio said in the email that bringing on TCP would assist his newly merged firm in many areas of business by growing it both organically and through M&A transactions.

Headquartered in Westwood, N.J., Modera is a fee-only, independently owned and operated financial planning firm serving the needs of individuals, families, trusts, institutions, and philanthropic organizations nationwide.