Modera Wealth Management
Overview
Modera Wealth Management, LLC is a privately-held independent investment advisory and financial planning firm founded in 1983. The company is headquartered in Westwood, New Jersey, and was established by a group of partners who prioritized a fee-only, fiduciary service model. Specializing in a variety of services including wealth management, investment advisory, and estate planning, Modera has raised a total of $26 million in funding. The firm has expanded its presence along the East Coast of the U.S. with a client-centric approach.
Recent Developments
- 2024 Acquisition: In 2024, Modera Wealth Management acquired Parsec Financial, enhancing its leadership position in the fee-only fiduciary space. This acquisition increased Modera's assets under management (AUM) to over $10.5 billion with 180 employees spread across 14 offices.
- Ranking Improvements: By 2024, Modera moved up to the 41st position in Financial Advisor Magazine's RIA rankings, an improvement from the 68th position it held in 2023. This growth is attributed largely to strategic acquisitions.
- Funding Round: On February 22, 2024, Modera raised $45 million from a conventional debt round led by Cambridge Savings Bank.
- Recognition: Modera was listed as one of the fastest-growing firms by FA Magazine in 2024, with an 84% growth rate attributed to recent mergers.
- Hurricane Helene: Following the impact of Hurricane Helene, Modera's Asheville office temporarily closed, demonstrating their effective business continuity planning by redirecting communications and client services through other offices.
- Market Commentary Q3 2024: The firm noted significant market movements, such as the Federal Reserve's interest rate cut and the resilience of diverse equity investments.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 1983 |
| Headquarters | Westwood, NJ, USA |
| Founders | Various Partners |
| Revenue | Not public |
| Profits | Not public |
| Key Investors | TRIA Capital Partners |
| Industry | Asset Management |
| Number of Employees | 200 |
Early History
Modera Wealth Management was established in 1983 by a consortium of seasoned finance professionals. They pioneered one of the early fee-only advisory models, emphasizing fiduciary duty to clients. The firm’s initial focus was on providing personalized financial advisory and wealth management services to individuals who were underserved by larger financial institutions. Over the years, Modera grew by concentrating on building robust, long-lasting client relationships and by expanding geographically to cover key markets on the East Coast.
Company Profile and Achievements
Modera Wealth Management employs a broad set of services targeted at high-net-worth individuals, business owners, and institutions. The firm's business model revolves around a fiduciary, fee-only approach that ensures advisors act in the best interests of their clients without conflict arising from commissions.
- Expansion: Modera has strategically expanded through acquisitions such as Parsec Financial in 2024, doubling its footprint in key areas like Charlotte, NC.
- Client-Centric Approach: The firm maintains a 1:54 advisor to client ratio, ensuring personalized service and attention.
- Innovative Strategies: Modera focuses on comprehensive financial planning that encompasses all aspects of investment management, estate planning, and tax strategies.
- Industry Recognition: Consistent ranking improvements in Financial Advisor Magazine and Charlotte Business Journal attest to the firm’s growth and service quality.
Current Operations and Market Position
Today, Modera Wealth Management operates with a cohesive network of offices stretching from Florida to Massachusetts, managing assets in excess of $10 billion. The firm serves over 5,684 clients and emphasizes diversification and personalized financial strategies. Modera stands out in the asset management industry due to its history of adopting a client-first philosophy and a committed adherence to the fiduciary standard. The company's substantial AUM and employee growth reflect its strong competitive position against both regional and national firms.
Conclusion
Modera Wealth Management has played a significant role in shaping the asset management industry by adhering to its core values of fiduciary responsibility and personalized client service. With significant acquisitions and strategic funding rounds, Modera continues to remain a formidable presence in the wealth management sector. Looking forward, the company aims to further consolidate its market position through continued growth and service enhancements, while maintaining its commitment to client-first financial advisory practices.