California-based RIA firm and acquirer Modern Wealth Management has logged its sixth acquisition this year with the purchase of Petso Financial Consultants, a Boise, Idaho, fee-only advisory firm with $1.4 billion in assets under management, according to a press release.
The deal brings the Monterey, Calif.-based Modern Wealth’s total AUM to more than $6 billion. It’s the largest acquisition since Modern Wealth’s first deal at its launch last year, the $1.5 billion buy of Barber Financial Group.
Petso was founded in 2001 by David Petso, a certified financial planner, and provides holistic wealth management and financial planning to roughly 2,300 clients, according to the firm’s latest Form ADV filing. Five of the six investment advisors hold the CFP designation, a sign of the firm’s commitment to personalized financial guidance and other client-focused services, the release said.
“Joining Modern Wealth presented a unique opportunity that aligned well with Petso's rapid client growth. It wasn’t about stepping into a plug-and-play firm; it was about joining a dynamic, fast-growing team where we could be an integral part of the journey,” said Petso, who now becomes a Modern Wealth managing director. “With Modern Wealth's experienced leadership team, extensive business support infrastructure and commitment to a team-based advisor model, we are well-positioned to drive future growth and further enhance our client experiences.”
Petso offers investment management, financial planning, estate planning and retirement income planning for both individuals and corporate clients. Its location in a high-growth area fit Modern Wealth’s acquisition criteria, the release said, and the consolidator now has a presence in the East, Midwest, South and Pacific Northwest.
“Expanding into the Pacific Northwest region represents a key step in our broader national strategy. By acquiring high-growth firms that share our commitment to delivering comprehensive financial advice, we continue strengthening our team’s ability to serve clients across the country,” said Jason Gordo, co-founder and president of Modern Wealth. The full team at Petso, he said, “have built an incredible business in Boise, with an exemplary approach to client service, culture and growth that is closely aligned with Modern Wealth.”