Modern Wealth Management Acquires Flaharty for $1.1 Billion

Modern Wealth Management has acquired Flaharty Asset Management, a Clearwater-based firm managing approximately $1.1 billion in assets. This acquisition is part of Modern Wealth's strategic expansion into Florida. The acquisition was finalized after six months of negotiations, enhancing Modern Wealth's footprint in a state perceived as having significant growth potential.

Flaharty Asset Management, led by co-founders Shon Flaharty and J. Hunter Orr, employs an 18-person team, including nine financial advisors. The firm has developed substantial local relationships in the Tampa Bay area and operates an additional office in Punta Gorda. Modern Wealth co-founder and co-CEO Gary Roth highlighted the alignment in growth ambitions, noting, “Their mindset lines up perfectly with how we think.”

The acquisition provides Flaharty with increased resources for technology, operations, and financial planning, aligning with its customer-centric Malama philosophy of personalized advice. Shon Flaharty stated that the partnership allows ongoing investment in clients, personnel, and a continued strong local presence.

The acquisition signals Modern Wealth's intention to augment its market presence within Florida, already a sector with robust demographic and economic growth dynamics. The company's expansion began with the acquisition of Legacy Wealth Management in South Florida in April, a move indicating its commitment to expanding in areas with dense household wealth.

Modern Wealth's acquisition of Flaharty Asset Management marks its 22nd such transaction, contributing to its management of over $14 billion in assets across 20 US offices. Regulatory approvals do not appear to be a bottleneck, and the company is likely to continue pursuing acquisitions that align geographically and culturally with its existing portfolio.