Westwood-based Modera Wealth Management announced Monday that it has acquired Asheville, North Carolina-based Parsec Financial team, creating one of the largest independent wealth management firms on the East Coast, with more than $10.5 billion of assets.
The combined firm will have more than 180 employees across 14 offices ranging between Massachusetts and Florida.
Modera CEO Tom Orecchio said the transaction reinforces Modera’s commitment to building an industry-leading, multigenerational firm for both its clients and its employees.
“Modera and Parsec have long shared a common set of core values that differentiate us from other wealth management firms,” he said. “Chief among those is a relentless commitment to a client-first, fiduciary approach to helping the families we serve achieve their long-term financial goals.
“We believe that the increased scale, resources and talent resulting from the combination of our firms will serve to enhance that commitment as we continue to elevate the depth and sophistication of our services.”
With the closing of the transaction, Modera will remain independently managed and majority employee-owned and -controlled. All of Parsec’s employees have joined Modera and 24 of those employees have become Modera owners, giving the combined business a total of 61 employee owners.
