Modern Wealth Management, founded less than three weeks ago, announced today that it has acquired Barber Financial Group, a $1.5 billion AUM registered investment advisor with offices in Detroit and the Kansas City metro area, in its first official transaction.
To create a new hub in the Kansas City metro region, Monterey, Calif.-based Modern will add office space, in addition to locations in Missouri and Kansas that come with the Barber acquisition. Also included in the deal are Barber’s two investment advisor representative offices: Osiwala Financial Group, led by Ken Osiwala, and Financial Security, led by Bud Kasper.
The deal was backed with Modern’s initial $200 million in initial equity financing from Crestview Partners, a private equity firm with experience investing in financial services businesses.
Barber Financial Group CEO Dean Barber, who will join Modern as a managing director as part of the acquisition, joined his entire team of 50 employees, founded the firm in 1996. It has grown to serve more than 2,300 clients.
“We’re thrilled to join forces with Jason Gordo, Mike Capelle and Gary Roth, and I am excited by the possibilities that lie ahead for Modern Wealth,” said Barber in released comments. “We look forward to augmenting our approach to provide our clients the best possible service while meeting the needs of growth-minded advisors.”
Modern will also add Barber Financial’s radio show and podcast to its marketing efforts as a showcase of its internal wealth management expertise.
Modern Wealth Management is a national RIA founded by Gary Roth, Mike Capelle, and Jason Gordo. The three are veterans of United Capital Financial Advisers, which was bought by Goldman in 2019. United Capital was once a huge acquirer itself, and by the time of its purchase by Goldman had become a $25 billion firm with 220 financial advisors after closing more than 90 advisor acquisitions during Roth, Capelle and Gordo’s time there.
“Dean, Ken, Bud and the team at Barber Financial share our vision and passion for a better wealth management delivery model that enriches the financial lives of the families we serve,” said Gordo, who serves as president of Modern Wealth. “Mike, Gary and I are very happy to launch the business with Barber Financial Group as our first acquisition. We will continue to leverage our capital resources in order to build Modern Wealth into a national firm that fulfills investors’ needs while continuously prioritizing the client experience.”