Modern Wealth Acquires $1B LPL-Affiliated Firm, AUM Tops $13B
Modern Wealth Management agrees to acquire Denver-based Brown and Company, formerly affiliated with LPL Financial, with $1 billion in assets, boosting total AUM to over $13 billion. This marks Modern Wealth’s first Colorado office and follows its acquisition of a $1.2 billion South Florida firm leaving LPL.
1. Deal Details
Modern Wealth Management has agreed to purchase Brown and Company, a Denver-based wealth management firm overseeing approximately $1 billion in assets, marking its second acquisition this year and 21st since inception. The firm had been affiliated with LPL Financial prior to the deal.
2. Modern Wealth Expansion
The acquisition establishes Modern Wealth’s first office in Colorado and brings total AUM to over $13 billion across 20 U.S. offices. The firm is dual-headquartered in Monterey, California, and Lenexa, Kansas.
3. Brown & Company Profile
Founded in 1988 by Mark Brown, Brown and Company advises around 200 households on investment and retirement planning, advanced tax and estate strategies, and philanthropic planning. The team includes founder Mark Brown and seven other members who will join Modern Wealth, including Danielle Berz, Justin Cassida and Jonathan Kuiter.
4. Implications for LPL Financial
This deal follows an earlier acquisition this month of Legacy Wealth Management, a South Florida firm with $1.2 billion AUM, also leaving LPL Financial. These departures represent a combined $2.2 billion in AUM shifting away from LPL’s network.