Modern Wealth acquires 4thGEN, a $330M California practice

Modern Wealth Management acquired 4thGEN Wealth Management, a Lodi, Calif.-based advisory practice overseeing about $330 million in assets, lifting the acquirer past $16 billion in client assets.

The acquisition brings Kenneth Levy, Corey N. Daniel and Dudley McGee to Modern Wealth, along with a senior client associate and a business development specialist. WealthManagement.com's weekly roundup describes the addition as a former LPL team overseeing $330 million and does not give a purchase price. The roundup says the practice built its book on multigenerational client relationships, serving business owners, members of the agricultural community, high-net-worth families and investors approaching or already in retirement.

For a principal weighing a sale, the size band is three advisors carrying about $110 million in client assets each, plus two support staff, all moving to Modern Wealth. Modern Wealth, an acquisitive RIA co-founded by former United Capital executives and based in Kansas City, is the kind of buyer a three-advisor team of that headcount can reach. The $110 million per-advisor figure is the number a three-person practice can measure itself against before deciding whether to sell.

The same roundup lists The AmeriFlex Group adding 17 advisors in the third quarter and Captrust adding a Sanctuary team. Books moving in blocks instead of one advisor at a time is the pattern: AmeriFlex's addition is a quarter-long headcount, Captrust's is a team, and 4thGEN's is three advisors plus two staff.

For 4thGEN's clients — business owners, agricultural clients, families in or near retirement — the three advisors stay in place, now on a platform that reports more than $16 billion in client assets.