Modera Wealth Management LLC, a fee-only financial planning firm based in Westwood, announced Tuesday a pair of deals that saw it merge with another firm and gain a minority investment partner.
In the first transaction, Modera merged with Pennsylvania-based Independence Advisors LLC, creating a combined Modera Wealth Management with assets under management of approximately $4.4 billion and more than 1,900 clients in 40 states.
“Growing our firm in order to better serve clients, as well as offer additional resources and opportunities to our staff, is important to us,” Modera Principal and President Robert Siefert said in a prepared statement.
The new company has 81 employees working out of six offices, and IA’s principals, Charles Boinske, Mark Rioboli and Patrick Runyen, have become principals with the new, combined firm. Modera now has 20 principals, it noted.
In the second transaction, TRIA Capital Partners, a financing solutions firm, has closed on an investment as a non-controlling, minority equity partner.
“We want to be around for our clients, and also our clients’ grandkids and great-grandkids,” Modera CEO Tom Orecchio said in a statement. “We’re excited about the long-term benefits this consultative partnership will bring to both our clients and employees, while being able to stay true to our values and history.”
Park Sutton Advisors assisted in the transaction.