Modern Wealth Buys $1.1B LPL Affiliate, Expanding to 20 Offices and $14B AUM
LPLA•Modern Wealth Management has agreed to acquire LPL Financial affiliate Flaharty Asset Management, including its $1.1 billion in client assets, moving them from LPL to Fidelity. This marks Modern Wealth’s 22nd deal since 2023, boosting its AUM to over $14 billion across 20 U.S. offices.
1. Acquisition Details
Modern Wealth Management has agreed to acquire Flaharty Asset Management, an LPL Financial affiliate with approximately $1.1 billion in client assets, with the assets set to transition to Fidelity as part of the deal.
2. Impact on LPL Financial
The divestiture reduces LPL’s assets under management by $1.1 billion, potentially affecting fee revenue and prompting the firm to seek new advisor relationships to offset the loss.
3. Modern Wealth’s Growth Trajectory
This marks Modern Wealth’s 22nd acquisition since its 2023 launch, bringing total assets under management to over $14 billion across 20 offices, reinforcing its expansion strategy in key U.S. markets.
4. Strategic Implications
The deal strengthens Modern Wealth’s presence in the Greater Tampa Bay/Clearwater region and underscores broader industry trends toward consolidation and boutique advisory platforms with a human-centric model.
