Modern Wealth Buys Former LPL Affiliate’s $1.2B Firm to Enter Florida Market
Modern Wealth Management acquired Legacy Wealth, a former LPL Financial affiliate managing $1.2B in assets, including $300M in retirement plans, marking its first Florida office and 20th deal since April 2023. Legacy’s eight-person team will adopt Modern Wealth’s brand, technology platform and integration programs, underscoring growing platform competition for LPL.
1. Deal Overview
Modern Wealth Management, a $12 billion registered investment advisor backed by Crestview Partners, acquired Legacy Wealth Management, a South Florida firm formerly affiliated with LPL Financial that manages $1.2 billion in client assets—including $300 million in retirement plan advisory assets. This transaction marks Modern Wealth’s first Florida office and its 20th acquisition since April 2023.
2. Integration and Team Details
Legacy’s eight-person team, including seven financial advisors, will transition to Modern Wealth’s brand and adopt its technology platform. The advisory firm’s retirement plan business will integrate into Modern Wealth’s retirement plan consulting team, while the transaction also provides selected Legacy members with equity ownership opportunities and access to Modern’s marketing, compliance, operations, Modern Women and next-gen career programs.
3. Implications for LPL Financial
Legacy’s shift away from LPL Financial underscores intensifying competition among RIA platforms and highlights potential attrition risks for LPL’s network. Although the $1.2 billion in assets represents a small fraction of LPL’s overall platform, the move may signal heightened appeal of integrated RIA models for advisory teams.