Modern Wealth Management has completed its sixth acquisition of 2026, purchasing AWA Wealth Management, a California-based registered investment advisor with approximately $290 million in client assets. The deal, announced Tuesday, brings Modern Wealth's total acquisition count to 24 since the firm was founded in 2023.
AWA was founded in 1994 by Derrick Andrews, CFP, CEP, in Auburn, California. Over three decades, the firm built a planning-centric practice serving multi-generational families and business owners in the Auburn and Redding areas, as well as clients who relocated but maintained long-term relationships. Its services include financial planning, investment management, tax planning and preparation, estate planning, and coordination with outside professionals.
The entire AWA team will join Modern Wealth, including lead advisor Grant Andrews, CFP; Director of Operations Toni Farkas; Client Services Manager T.J. Peterson; and Relationship Manager Chelsea Bailey, CFP. For Derrick Andrews, the transaction is as much about succession as growth. After 32 years of building the practice, he said the partnership allows him to step back from day-to-day operational demands and focus on client relationships and mentoring the next generation.
"Modern Wealth's approach to financial planning and advice aligns closely with the firm that we've built over the past 32 years," said Andrews. "Joining Modern Wealth gives our team additional resources and support while allowing us to preserve the relationships and planning philosophy that have defined AWA. It also gives me greater capacity to focus on clients, develop the next generation of our team and put the firm on a stronger path for long-term succession."
The transaction provides AWA's team with access to additional estate and trust planning resources, tax capabilities, retirement-plan expertise, and expanded portfolio management support. It also gives Grant Andrews and Chelsea Bailey—both CFPs—a clearer runway to take on greater advisory responsibilities over time. Derrick Andrews emphasized that the deal strengthens the firm's succession plan and gives him more time to mentor the broader team.
Modern Wealth's 2026 acquisition pace has been brisk. In September, it acquired Sanchez Wealth Management, a Jacksonville, Florida-based firm managing $710 million in client assets, which was its third Florida acquisition of the year. Since its founding in 2023 by former United Capital executives Gary Roth, Mike Capelle, and Jason Gordo, Modern Wealth has grown to nearly $16 billion in assets under management through a strategy of acquiring planning-led RIA practices and establishing regional offices across key U.S. markets.
Last year, the firm hired Derek Bruton from Gladstone Group as its new head of mergers and acquisitions. Bruton brings 30 years of experience, including executive positions at Charles Schwab, TD Ameritrade, and LPL Financial, and has recruited more than 10,000 advisors and advised over 20,000 firms on growth and strategy.
Jason Gordo, president and co-founder of Modern Wealth, said the AWA acquisition deepens the firm's California presence while delivering a sustainable path forward for a founder-led practice. "Derrick and the team at AWA Wealth Management have built a strong relationship-driven, comprehensive practice," said Gordo. "AWA strengthens our presence in California, but just as importantly, this partnership gives the team a framework for long-term succession while allowing Derrick to remain closely connected to the clients and advisors he has developed deep relationships with over his career."
The deal is part of a broader trend of RIA consolidation, with firms like Cerity Partners' recent $2B acquisition and AlphaCore's $5B family-office purchase highlighting the pace of activity. For Modern Wealth, the AWA deal adds a seasoned team and a loyal client base in Northern California, while providing a succession solution for a founder nearing retirement.
