Modern Wealth Management has acquired Boise, Idaho-based Petso Financial Consultants LLC, a fee-only financial advisory firm with approximately $1.4 billion in assets under management.
"Expanding into the Pacific Northwest region represents a key step in our broader national strategy," said Jason Gordo, co-founder and president of Modern Wealth, in a statement.
The acquisition is Modern Wealth's 11th to date and its sixth of the year, bringing its total AUM to over $6 billion.
"By acquiring high-growth firms that share our commitment to delivering comprehensive financial advice, we continue strengthening our team's ability to serve clients across the country," Gordo said, adding that the team at Petso Financial has "built an incredible business in Boise, with an exemplary approach to client service, culture and growth that is closely aligned with Modern Wealth."
Joining Modern Wealth "presented a unique opportunity that aligned well with Petso's rapid client growth," added Petso's founder, David Petso, who joins Modern Wealth as managing director.
"It wasn't about stepping into a plug-and-play firm; it was about joining a dynamic, fast-growing team where we could be an integral part of the journey," he said.
Petso Financial's services include investment management, financial planning, estate planning and retirement income planning for individuals and corporate clients.
Petso's 10-person team will continue expanding its client base by leveraging Modern Wealth's 'Organic Growth Hub', a platform focused on lead generation, distribution and client onboarding for advisors, the firms said.
Modern Wealth's accounting, compliance, technology, human resources and operations teams allow advisors to prioritize client service while offloading day-to-day business management activities, the firm said.
