Three registered investment advisors—Modern Wealth Management, Arax Advisory Partners, and Waverly Advisors—announced separate acquisitions in early June, collectively adding approximately $1.35 billion in client assets and expanding their footprints along the Eastern Seaboard.
Modern Wealth Acquires $1.1B Florida Firm
Modern Wealth Management has signed an asset purchase agreement to acquire Flaharty Asset Management, a Clearwater, Florida-based holistic wealth manager overseeing roughly $1.1 billion in advisory and brokerage assets. The deal, Modern Wealth's 22nd acquisition to date, follows its April purchases of Brown and Company and Legacy Wealth Management in South Florida.
Flaharty, led by Shon Flaharty and Hunter Orr, employs 18 professionals, including nine advisors, and operates offices in Clearwater and Punta Gorda. The firm's advisory model is built around the Hawaiian concept of Malama—"to care for"—emphasizing personalized service. Post-acquisition, Modern Wealth will manage more than $14 billion across 20 offices nationwide.
"Florida is an important growth market for Modern Wealth, but this acquisition is about much more than geography," said Jason Gordo, president and co-founder of Modern Wealth. Flaharty noted that cultural fit was a key factor in choosing to join a larger platform. The Flaharty team will gain access to Modern Wealth's centralized support in marketing, technology, compliance, and operations, as well as in-house tax, estate, and retirement planning capabilities.
Arax Adds South Florida Family Practice
Arax Advisory Partners, backed by private equity firm RedBird Capital Partners, acquired Millares Asset Management, a Coral Gables, Florida-based wealth and tax advisory practice with over 30 years of history. The family-run firm, co-founded by Maria R. Millares, serves individuals, families, businesses, foundations, and nonprofits. Her sons Ruben and Javier also join Arax.
"Joining Arax creates new opportunities for both our team and our clients, allowing us to expand our offerings, grow at scale and augment the client experience," Maria Millares said. Arax CEO Haig Ariyan cited the firm's reputation in the Miami area as a key draw. The deal marks Arax's sixth acquisition this year, following its recent addition of a $1.5 billion team of Wells Fargo breakaways in the Hudson Valley.
Waverly Expands in Maryland with $250M Deal
Birmingham, Alabama-based Waverly Advisors acquired WealthPlans and its affiliate Cooley & Associates, a tax preparation and accounting firm, both based in Frederick, Maryland. The transaction closed on May 29 and adds approximately $250 million in assets, bringing Waverly's total AUM to roughly $35.5 billion. It is Waverly's 33rd acquisition since receiving a private equity investment from Wealth Partners Capital Group in 2021.
WealthPlans, founded by President Brent Cooley, provides financial planning, investment management, and tax-efficient strategies. The acquisition of Cooley & Associates by Waverly Business Services adds integrated tax and accounting capabilities, reflecting a growing trend of RIAs absorbing adjacent professional services firms. "Brent and his team bring exceptional technical expertise and an unwavering commitment to serving clients with integrity," said Justin Russell, president and CEO of Waverly.
These three transactions underscore the continued consolidation in the RIA space, with firms seeking scale, geographic expansion, and enhanced service capabilities. For more on recent moves, see Wealth Enhancement and Steward Partners stake new ground in California, Florida and Mariner, Savant, Cerity Partners Expand with Niche Acquisitions in California and New Mexico.
